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I have the promo APR expiration date on my Discover card on December 10, 2019. The last 2 months I’ve been carrying the balance. As I understand, now I have no grace period since one of the statements was not paid in full. The goal is to pay nothing of interest after December 10. If I pay the balance to zero before December 10, 2019, will I have a grace period again right after this? Or do I need to pay off the balance to zero by November 10, and then by December 10?
I am asking because I found the information that in order to stop paying residual interest, you need to fully pay statements for two months in a row. Or it is about paying statements in full but not to zero? Could someone explain this point in more detail please?
Your 0% interest period runs to December 10. Technically, you are correct that you are no longer in a "grace period", and technically Discover is charging you interest on the balances, as we speak. Interest of $0.00 to be exact.
The course of action you want to take is to time your payoff so that the card goes completely to zero by about December 8. This includes not introducing new charges, or including recent charges in that Paid to Zero on or about December 8.
Then let the account sit until the statement prints. Check that to see if any residual interest appears. If you've paid to zero by December 8, the answer should be no residual interest. If there is residual interest, it will likely be a very small amount. Pay it immediately to squash it.
Once that statement prints, then you are off and running with a new grace period timing.
Thank you, but to understand better, can I clarify? Let us suppose I have no introductory APR now.
The question is how to stop the accrual of interest and return the grace period.
PS. Ma actual cut date and promo APR expiration date are Dec 10th.
Greetings!
I got my Disco in Jan 2017 and my 0% apr expired in Jan 2018. I was concerned about this because I thought the apr was kind of high in comparison to my other cards. SO, I called them to get an apr reduction AND they offered me 0% for another year.
@Remedios wrote:
OP, do you currently have 0% APR promo?
If you do, you are not accruing interest right now whether you paid in full or not.
Interest will be assessed on any charges made after promo expires, or if you do not PIF the amount on the last statement before promo expires.
This wording could be improved
The interest begins being assessed on existing balances, as well as new charges, not just any new charges after the promo period.
And, in fact the OP is accruing interest, is being charged interest right now during the promo period. It is just at a 0% rate resulting in a $0 interest cost.
@NRB525 wrote:
@Remedios wrote:
OP, do you currently have 0% APR promo?
If you do, you are not accruing interest right now whether you paid in full or not.
Interest will be assessed on any charges made after promo expires, or if you do not PIF the amount on the last statement before promo expires.This wording could be improved
The interest begins being assessed on existing balances, as well as new charges, not just any new charges after the promo period.
And, in fact the OP is accruing interest, is being charged interest right now during the promo period. It is just at a 0% rate resulting in a $0 interest cost.
😒