Suitelife wrote:When does credit card interest started on the deferred interest store cards? I might get one but dont get how it is done. Will I get charged interest on the full purchase price if I dont pay it off in time or only back interest on the unpaid amount?
A store card with 6 months same as cash (i.e. deferred interest), or by any other term or name, starts charging interest when you make the purchase, but will forgive the interest IF you pay in full in the grace period. If you don't pay it off in the grace period, though, the interest (all of it, since the purchase) gets added to the tally. This can be a great deal if you can pay the purchase off. If you can't, though, it adds up quickly, because store cards usually have pretty high interest rates.
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