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I have some debt with 0apr that will be transitioning to regular apr. Discover 0apr purchases ends 7/1 and keybank 0apr convenience check ends 10/1. I can likely payoff in full before these dates, but it would be best for me to potentially carry them at the regular apr for some time. However, Im afraid of retroactive interest charges. The agents have assured me they do not do this, but the language in the terms seems odd and I have had bad experiences in the past with agents or even bank managers being wrong. A retroactive interest charge would be over $1,000 overnight and I would not want that. Though, idealy I may carry the balance at 17% if needed, if i was confident id only pay for the period after the intro ends. Does anyone have experience with these cards?
-The language in question says something like "interest will begin accruing from the date of the transaction" maybe I am reading this out of context because that language sounds like it implies retroactive interest charges apply
The Deferred Interest you are concerned about relates to certain consumer finance accounts, like furniture stores or Dell financing. In those cases, yes if you don't pay the last dime by the final due date, all that deferred financing charge comes back due.
For credit cards, and certainly for Discover and the large banks, this does not exist. The 0% APR period is 0%, and then the balance switches over to begin daily charges of interest on a balance, but only going forward.
Congrats on making progress paying down your debts.
@NRB525 wrote:The Deferred Interest you are concerned about relates to certain consumer finance accounts, like furniture stores or Dell financing. In those cases, yes if you don't pay the last dime by the final due date, all that deferred financing charge comes back due.
For credit cards, and certainly for Discover and the large banks, this does not exist. The 0% APR period is 0%, and then the balance switches over to begin daily charges of interest on a balance, but only going forward.
Congrats on making progress paying down your debts.
^^^^ this
OP, you can relax. 😁
However, if you have the means to pay it off, why do you want to pay 17% interest? No judgment. Just wondering.