Question about 0% intro APR and interest

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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gbc1
 
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Question about 0% intro APR and interest

Postby gbc1 » Wed Apr 27, 2011 7:46 pm

I recently received a citibank thank you preferred card which i believe has 0% apr on purchases. I was wondering does this mean i owe no interest on purchases for the entire introductory period?

say i spend $1000 and pay $500 and do not pay the next $500 until the next statement. would i owe any interest? would i not owe anything if i pay it all off within the intro period?

here was some infomation about the card

https://www.accountonline.com/ACQ/DisplayTerms?sc=1NMZ15D13XXXMDR0200&app=UNSOL&siteId=CB&langId=EN&BUS_TYP_CD=CONSUMER&DOWNSELL_LEVEL=3&BALCON_SC=&B=C&DOWNSELL_BRANDS=C,C,C,&DownsellSourceCode1=1NMZ25H13XXXMDR0200&B1=C&DownsellSourceCode2=1NMZ35J13XXXMDR0200&B2=C&DownsellSourceCode3=12MZ14713XXXMDR0200&B3=C&t=t&d=&uc=AJC&AMEX_PID_AF_CODE=&AAPID=&c=Y

Purchase APR: 0% Intro APR on purchases for 15 months; after that the variable APR will be 12.99%-20.99%, based on your creditworthiness1

Balance Transfer APR: 0% Intro APR on balance transfers for 15 months; after that the variable APR will be 12.99%-20.99%, based on your creditworthiness1


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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon May 02, 2011 3:25 pm

gbc1 wrote:say i spend $1000 and pay $500 and do not pay the next $500 until the next statement. would i owe any interest? would i not owe anything if i pay it all off within the intro period?


If the promo is 0% on purchase for 15 months, that means during the first 15 months you have the card you will not be charged any interest on purchases. After 15 months interest will start accruing normally. Does that make sense?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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jaywalker
 
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Website: http://www.customercreditcards.com/rewards-credit-cards.php
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Postby jaywalker » Mon May 09, 2011 3:18 pm

Threadstarter....I will go ahead and state the obvious and say always do research before hand. In this day and age there is no reason to not research when everything is available on the web. (That's how I stumbled on this forum)

sdfinch
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Postby sdfinch » Tue May 17, 2011 11:40 am

If you're trying to build credit, you may not want to pay off the card that fast. If not, pay that baby off asap!



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