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  1. #1
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    Default How Does a 0% Interest Credit Card Work?

    Hello everyone, I'm new here so please bear with me.

    I just got my Freedom credit card and the offer at the time was 0% intro APR for the first 15 billing cycles. What does that mean exactly? If I spend $500 (in order to get the bonus), does that mean I don't have to pay it off until 15 months later (except the minimum payment every month)?

    Thanks.
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    Centurion Member nismoZtuner's Avatar
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    No, that means that you still have to make minimum monthly payments- only difference is that you wont be paying any interest for the next 15 months if you have a balance..so buy anything you want and pay it off soon- Interest fee!

    After those 15 months you will be paying interest on whatever amount you owe them!
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    The reason they do this is they hope you mess up and make late payments or procrastinate in paying off before the 0% ends. But we can beat them at their game if we are careful. It's like an interest free loan but only if you have discipline and self control to pay it off on time and not use the offer as an excuse to spend frivolously.
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    Default Re: y000t

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    Quote Originally Posted by xxmplus View Post
    How Does a 0% Interest Credit Card Work?
    Read your terms. The card isn't 0% -- the introductory offer is. Also keep in mind that carrying a balance will impact utilization.
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