Hello all,
How does Walmart's special financing work with added purchases? My friend made a large purchase during the Holidays of $3,000 for 24 months at 0% APR. How are additional non-special financed purchases handled? Is the minumum payment based on the total due or is it handled as 2 accounts (special and regular)? For example, would she pay a minimum based on the whole amount ($65 let's say) or a minimum on the special ($60) plus the normal minimum on the additional purchases ($25) which would be $85? I hope this makes sense...lol.
@pipeguy wrote:Two different credit lines (not to be confused with credit limit).
Example (A): 24 month purchase at $100 per month "requires" at least $100 a month.
Example (B): $500 regular purchase balance with a minimum payment due of say $50/month
Your minimum payment would be A+B = $150 a month.
00% APR on example A and 22.90% on example B
Example B would continue to have compounding interest charged on the unpaid balance, Example A would be interest free if paid in full based on the terms listed (6-12-18-24 months).
Thank you very much for your clear explanation, PipeGuy.
