This is exactly how it works. Very nice not paying the interest. Each invoice/receipt shows up as a separate line item on your monthly statement, with the deferred interest details listed for each purchase. Typically, the due date is assigned by statement date, not the exact date 6 months from purchase. So, if you make multiple purchases during a month/statement period, they all list the same due day in the statement period 6 months distant.
You have option of 6 months or 5% off.
The also run promos for 12, 18, 24 months with 0%.
The entire balance MUST be paid during the promo or you will get billed for interest SINCE DAY ONE.
The 60, 72, 84 month promos are for large purchases at fixed rates (like 5.99-7.99%).
They should not require a credit check.
Basically an option similar to HELOC for kitchen remodel, etc.
Thanks all for the help. I have a better picture of this card.
@WTL1 So example:
Purchase 1: $500 / defered 6 months = $83/month
Purchase 2: $400 / defered 6 months = $66/month
Purchase 3 $100 regular, min payment $25
At statement cut, monthly due $174
Then, if I make a purchase of $3,000 I will get the option at the register for the 84 month finance. Then that would be another line item, which would then be added to the lines I listed above. Say it's $40 / month.
That is added to the $174 + $40 ... New monthly $214....
With each line item that is a special finance listing a due date.
Fortunately we get 10% off every purchase due to wife being a DAV. I'm seriously thinking of applying for Lowe's. What's your thoughts? I already appd and received the HD card but, in hindsight I should have appd for Lowe's.
Actually, that isn't right. They charge a minimum payment that is very small, but less than 10%. You can pay the minimum each month, then make a balloon payment just before the clock runs out on your deferred interest. That's typically what I do. Just be sure to not screw around, and make the payment in plenty of time!
@WTL1 Cool thanks for the info. I think I'll pick this card up during my next big purchase.
@SFLSpotter9210 It seems like a pretty solid card from what i've read. I'm looking into getting it, just wanted a little background since it works in 3 different ways pretty much. Regular card, 6 month deferment card, and 84 month finance card. Pretty useful for projects IMO.