I'm looking at buying an iPhone on Amazon, and was thinking of using the Amazon Visa for 0% financing. Aside from missing out on my 5% cashback, are there any other downsides?
I've never carried a balance on this card before as I always pay in full each month. Will the financing make me lose my grace period each month since there would be a balance there? I doubt that I want to stretch it out for the full 18 months, but it would be nice to not have to pay in full for awhile. Some of those phones are pretty expensive! But I don't want it to start accruing interest right away when I make future Amazon purchases before the iPhone is paid off.
Can someone who has used this feature before tell me how it works? Can I PIF the rest of my purchases for that month + the iPhone payment amount and still keep the grace period?
I think that I found the answer to my own question. The financing option on the Amazon page for the iPhone had a hyperlink with more details. After a few clicks, I went to this page:
It looks like you can indeed pay off the rest of your purchases made that month, plus your monthly promotional payment and still maintain zero interest!
Just keep on top of it.
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