0% on Purchases for 6 months

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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0% on Purchases for 6 months

Postby chicagojoe » Tue Aug 19, 2014 1:15 pm

This is probably a really simple, maybe even stupid question, but I just want make sure I understand something correctly.

I am 5 months into a credit card that offered me 0% introductory APR on purchases for a period of 6 billing cycles. My question and my assumption is that a purchase I make right now will only benefit from 0% interest for the next month and then interest will apply afterward. I've never taken advantage of an offer like this before, so I wasn't sure if I would get 6 months, interest free, for that purchase or if the whole offer only lasted 6 months regardless.

Again, I don't expect that I get 6 months from now, but I figured it would be worse to assume and be wrong then to ask what I think is a stupid question and be right.


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Postby onion » Tue Aug 19, 2014 4:40 pm

The first 6 months that you have the card, whatever balance on your statement isn't paid (as long as you pay more than the minimum) will not have interest added to it.
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Postby notcool » Tue Aug 19, 2014 10:30 pm

If you want to know with maximum certainly, your best bet is to read the terms that came with your account and ask if there are terms you don't understand.

There are cards of both varieties. Some offer an "Introductory APR" of zero percent for 6, 12,18 or whatever months. In those cases, the APR will be zero for the first X number of months the account is open, and then go to the "go to rate) of whatever -- say 15%). A purchase made in month 5 of a 6 month "intro" period would only get one month at zero apr.

There are cards of the second variety. For instance, a Firestone credit card might offer "6 months deferred interest" on purchases of over, say, 300 dollars. This is a regularly offered deal. Someone with this card could have the card for many years and each time they make such a purchase, they get the "deferred interest" offer. Note that with this type of card the interest is usually "deferred" rather than a true 0.0% -- it typically won't be charged if the cardholder makes the minimum payment for 6 months and the entire purchase is payed off in that time. But if those conditions are not met, the card likely charges interest that had been accumulating since the original purchase.

So there are both kinds of cards. I think it is fair to say that the second kind of card is usually a "store card" that is good only at one particular store (e.g., Amazon.com; JCPenney, GoodYear, etc) and the first kind is more likely to be a VISA, Mastercard, Discover, or AmEx card that can be used at many places.

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Postby CarefulBuilder14 » Tue Aug 19, 2014 10:44 pm


If you tell us the name of the card, there is a good chance that someone else here has had your card before and can give you specific advice.
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Postby chicagojoe » Wed Aug 20, 2014 10:14 pm

Thanks everyone!

The card is a Quorum Federal Credit Union VISA card that I used to purchase a timeshare. I am almost certain that there will be no "zero interest" benefits after the 6th month, but if anyone has reason to think otherwise I'd certainly be happy to listen.

notcool's response pretty much confirmed my belief that the zero interest will go away in a month. It was an Introductory APR offer. I would've been shocked if I got more time, but it never hurts to look into it.

Thanks for all your help!

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