Not understanding 0%APR

[Anonymous]

So my citi double cash has 0% APR until next year, but my statement cut and it's asking me to pay a minimum of $29 of my $1000 balance. Is this how it's supposed to work..? I've never carried a balance before, so I'm unsure how the 0% APR works

[Anonymous]

0%APR is no interest charged on balance. It does not mean reprieve from payment.

[Anonymous]

...the $29 is your minimum payment required for the total balance due. APR is separate. At this time you aren't paying any interest. Anytime you let a balance post there will usually be a minimum amount due.

[chrisw1968uk]

Sure! be sure to make that payment by the due date to avoid late fees etc, note that you will have to pay more than that each month to pay off your $1000 before the interest kicks in

[Anonymous]

you still need to make monthly payments only your payments go towards your balance only no interest

[FinStar]

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@chrisw1968uk wrote:

Sure! be sure to make that payment by the due date to avoid late fees etc, note that you will have to pay more than that each month to pay off your $1000 before the interest kicks in

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Definitely be sure to pay more than the minimum OP.

[happypill]

0% APR is different from the promotions that you see mostly with furniture and electronics stores with no payments for 12 months or something like that, but those accrue interest and it's all slapped on at the end if you don't pay it off  by the deadline.

0% APR on a credit card just means that during that period, if you carry a balance, no interest will be added.  You still need to make a monthly minimum payment (and it's best to pay more than the minimum.