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0% APR promo. Do I need to still pay in full at exp date even if PIF each month?

credit-user-19
Frequent Contributor

0% APR promo. Do I need to still pay in full at exp date even if PIF each month?

So I have a question regarding a 0% APR promo.

 

My WF card has a 0% APR promo I have never used. I PIF each month. Each month's statement says balance subject to interest $0.00.

 

I do not plan to use the 0% APR anytime soon but do I still need to bring my balance to $0 on the promo end day to avoid any interest or does my grace period still apply regardless since I have never actually carried a balance? 

 

Message 1 of 6
5 REPLIES 5
dragontears
Valued Contributor

Re: 0% APR promo. Do I need to still pay in full at exp date even if PIF each month?

If you pay the statement balance every month you retain your grace period so you will not incur interest charges once your 0% intro period ends 

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Message 2 of 6
mr_suave
Established Contributor

Re: 0% APR promo. Do I need to still pay in full at exp date even if PIF each month?


@credit-user-19 wrote:

So I have a question regarding a 0% APR promo.

 

My WF card has a 0% APR promo I have never used. I PIF each month. Each month's statement says balance subject to interest $0.00.

 

I do not plan to use the 0% APR anytime soon but do I still need to bring my balance to $0 on the promo end day to avoid any interest or does my grace period still apply regardless since I have never actually carried a balance? 

 


You can pay the minimum payment up until the last month it's 0% then pay the statement balance in full the last month of 0% if u wanted. For instance if it's 0% for 15 months, you can technically pay the minimum payment for the first 14 months then pay the entire statement balance off in the 15th month. A lot of people advise against minimums but if it's 0% I don't think they care too much. Lot of people just divide the balance by x amount of months it's 0% then pay that amount monthly to ensure it is paid off in time.

 

Your grace period on a 0% promo card is the amount of months you have 0% for. If your balance isn't paid off before the 0% ends, you lose your grace period and will immediately start accruing interest based off your current balance

 

However if you have the means too pay it off right then, then by all means do so.

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Message 3 of 6
tcbofade
Super Contributor

Re: 0% APR promo. Do I need to still pay in full at exp date even if PIF each month?

Your grace period still applies.

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06/05/21 Fico 9: EX 726, EQ 740, TU No idea.

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Message 4 of 6
Nomad3
Frequent Contributor

Re: 0% APR promo. Do I need to still pay in full at exp date even if PIF each month?

When the statement cuts you have until the due date listed on the statement to PIF. You only accrue interest if you don't PIF by the due date. It's totally possible to never pay a cent of interest if you PIF every statement.

 

The 0% promos just help if you havr a big purchase you need to spread out. It's promotional! I have 2x 0% promos currently but I still PIF because it's hard to rake in cash back/rewards otherwise.




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Message 5 of 6
pinkandgrey
Community Leader
Senior Contributor

Re: 0% APR promo. Do I need to still pay in full at exp date even if PIF each month?

As long as you always PIF, your grace period will always apply. 

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