Introductory 0.00% APR for the first 12 billing cycles

[Anonymous]

Hi

i got credit card one year ago ( Platinum) from Cambridge Saving Bank and they said:

"Introductory 0.00% APR for the first 12 billing cycles on purchases. * and balance transfers."

So is that means 0% APR for only the first year ? Or it is applied always when I purchase ( i mean I will have 12 months).

for example:

i have purshased $500 right after I got my card 1/2016 so i have 12 monthd and i did paied $500 on 12/2016.

0%

today if I pirshased $500 can i paied it after 12 months with 0%?

thanks

[Gidgetmom]

Others will correct me if I'm wrong, but I read it as the 0% offer ends at 12 months, then you standard APR applies if you carry a balance.  If you charge $500 and pay in full, then no interest will accumulate.

[atarvuzdar]

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@Anonymous wrote:

Hi

i got credit card one year ago ( Platinum) from Cambridge Saving Bank and they said:

"Introductory 0.00% APR for the first 12 billing cycles on purchases. * and balance transfers."

So is that means 0% APR for only the first year ? Or it is applied always when I purchase ( i mean I will have 12 months).

for example:

i have purshased $500 right after I got my card 1/2016 so i have 12 monthd and i did paied $500 on 12/2016.

0%

today if I pirshased $500 can i paied it after 12 months with 0%?

thanks

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Hi, this is only for the 12 months immediately after you opened the card. After that 12 months all of your purchases will be at whatever "regular" APR they have you.

[CreditInspired]

It is only the intro 0% for the first 12 billing cycles. If you make a purchase after the 12th cycle, which is the 13th cycle, then your interest rate is the APR that's listed in your terms and conditions. Also, you will have to pay the minimum monthly payment due on that $500. So let's say on receipt of the card (Jan 2016), you made a purchase of $500, each month your payment will be $25; it will be more if you put additiknal purchases on the card. Then comes the 13th billing cycle your balance due is $200. If your interest rate is 23.99%, that APR will be applied to the $200. Hope this helps.

[Anonymous]

Thank you

[Anonymous]

Regardless of promotional APR, do not leave large balance.  It wil affect your utilizaiton; meaning lower fico score.

I was a newbie once....  Applied for Apple card, which was 18-24 months no interest.  Barclay asked how much would be new mac.... 4000.  I got 4000 and spent about 3000 for Apple.  And my fico score dropped like 40 points.  Even you pay off to a penny, still the drop will affect your fico score at least 2 months.

[fltireguy]

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@Anonymous wrote:

Regardless of promotional APR, do not leave large balance.  It wil affect your utilizaiton; meaning lower fico score.

I was a newbie once....  Applied for Apple card, which was 18-24 months no interest.  Barclay asked how much would be new mac.... 4000.  I got 4000 and spent about 3000 for Apple.  And my fico score dropped like 40 points.  Even you pay off to a penny, still the drop will affect your fico score at least 2 months.

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Jeffreymrimd - As soon as you pay it off, your score will bounce right back as soon as the bank updates your CR's. (Could be the next statement date, etc.) For example, that is the beauty of Chase. Pay the balance down to 0, and they will push an update automatically, it will normally show about 5 days after the 0 balance hits.   It doesn't take 2 months though.. Unless for some strange reason the bank takes that long to update, which I dont think anyone is THAT slow