Having a difficult time understanding this

[idunnomypassword1231]

I'm carrying a balance on a chase card which has 0% APR. I asked a chase rep to clarify when i need to pay the full balance to avoid interest and they stated this: "The introductory Annual Percentage Rate (APR) is 0.00% Fixed for purchases, which is effective until September 23, 2025. - To pay off the introductory balance by the expiration date, you'll need to pay the full balance or Interest Saving Balance by the due date on the last statement before the expiration date."

My closing date is the 23rd of each month and due date is the 17th of each month. So it seems I'll have to make my entire payment on August 17? Thanks

[Remedios]

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@idunnomypassword1231 wrote:

I'm carrying a balance on a chase card which has 0% APR. I asked a chase rep to clarify when i need to pay the full balance to avoid interest and they stated this: "The introductory Annual Percentage Rate (APR) is 0.00% Fixed for purchases, which is effective until September 23, 2025. - To pay off the introductory balance by the expiration date, you'll need to pay the full balance or Interest Saving Balance by the due date on the last statement before the expiration date."

My closing date is the 23rd of each month and due date is the 17th of each month. So it seems I'll have to make my entire payment on August 17? Thanks

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No. If it closes on 9/23, you have to have balance paid in full by due date 10/17 because you'll be within grace period until that day. 

[hdporter]

There is no grace period on a balance revolved from a previous statement.  At the point that the promo 0% rate expires, interest will begin accruing at the standard purchase rate the VERY NEXT day.

To avoid any interest accrual, the promo rate balance must be paid in full by the expiration date of that promotion (Sep 23).

[Realist]

This isn't hard. 

If your expiration date is set at "x" months out, then you will ideally want to pay in full, one to two preferrably months ahead.  The lenders enjoy people that want to push the date to the very last minute.  Those people are the cannon fodder in finance.

[creditfan]

most credit card statements will tell you when your promo APR expire likes screenshot above. To avoid interest, the full amount has to be paid on or before 3/20/25.

**To play safe; don't make purchases with card current has promo apr, otherwise you will mess up your promo

[rbentley]

I don't understand what it is that you were saying. Are you saying that someone should not utilize a card that has a promotional APR? What would be the purpose of having a 0% APR if you never take advantage of it. I can understand the advice against making purchases on a card that has a 0% balance transfer, but don't understand the advice of not using a promotional APR. I am sure I must be misunderstanding you somehow. Can you elaborate?

[idunnomypassword1231]

Thank you so much, everyone!

[unsungivy]

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@rbentley wrote:

I don't understand what it is that you were saying. Are you saying that someone should not utilize a card that has a promotional APR? What would be the purpose of having a 0% APR if you never take advantage of it. I can understand the advice against making purchases on a card that has a 0% balance transfer, but don't understand the advice of not using a promotional APR. I am sure I must be misunderstanding you somehow. Can you elaborate?

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Because it's a trap.

Credit card companies are out to make money. Don't be confused on that point. They want you to use the 0% APR and then get the details of paying it off in time wrong, so that they make money off you.

Carrying a balance on a 0% APR card to "use" that... I would only ever do that with a biz card so it doesn't show on my credit report. Otherwise you're taking a hit every month that carried balance shows, even if you pay it off in time.

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But, what was likely actually being referred to is you need to be 1000% sure you understand where your payments are going if you have a balance transfers and a 0% APR offer on the same card. If you make charges on a card, it is likely that any payment you make go towards paying your 0% APR charges, NOT your balance transfered amount, which can make things confusing and end up with you not paying the right things off in time. The SAFE thing to do is not make any charges on a card you have a BT amount on.

[creditfan]

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@creditfan wrote:

most credit card statements will tell you when your promo APR expire likes screenshot above. To avoid interest, the full amount has to be paid on or before 3/20/25.

**To play safe; don't make purchases with card current has promo apr, otherwise you will mess up your promo

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to avoid confusion; my example above is for people who take advantage of BT promo. However, for people who have purchase promo YES you can continue to make purchases unitl promo expires.