well i have a compusa credit card and on my recent bill it said my promotion is about to expire and i must pay so and so amount by this date to pay of the promotion to avoid deferred finance charges. what are deferred finance charges, and will it be a one time fee?
2007-02-25 18:04:09 · 6 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Upon opening a new credit account, or with in-store special offers, "defered interest" (or deferred finance charges)is often used as an incentive to encourage shoppers to spend more(6-12 months same as cash or no interest for twelve months) It means that for a period of time(usually 6-12 months) the balance on your card has accrued interest, but that interest has not been charged to you on your statement. Usually the deferred interest will be listed at the bottom of the statement on the very last page. The ammount of accrued interest on your balance since the beginning of the offer will be a one time charge, but after that monthly interest on your remaining balance will be charged on each statement.
2007-02-25 18:19:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Define Finance Charge
2016-11-01 07:28:13 · answer #2 · answered by ? 4 · 0⤊ 0⤋
A deferred finance charge is not a one time charge. When you charged what ever at compusa, they gave you a grace period to pay it off as if you paid cash at the time of purchase. What that means is if you charged $100.00 and had a 3 month grace or deferment, any and all charges that have not been paid off will be subject to finance charges for the FULL amount of time. So if it were a 90 day same as cash situation, you would have whatever the credit balance is PLUS 90 day's worth of finance charges.
Make sense?? From the date the deferment ends to the time the full charge account is paid off will then be subject to finance charges. At whatever their rate is.. and I think it's like 21%...
2007-02-25 18:16:14 · answer #3 · answered by gin_in_mi 4 · 0⤊ 0⤋
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Deferred finance charges?
well i have a compusa credit card and on my recent bill it said my promotion is about to expire and i must pay so and so amount by this date to pay of the promotion to avoid deferred finance charges. what are deferred finance charges, and will it be a one time fee?
2015-08-08 15:10:35 · answer #4 · answered by ? 1 · 0⤊ 0⤋
Deferred finance charges are charges that accrue during a period of time that the creditor has given you to pay off your balance. If you haven't paid off the portion of your charges that this promotion applies to by the date set by the creditor, those fees that have been accrued will be charged to your account. You will also begin accruing interest fees on the balance at this time, too.
2007-02-25 18:16:45 · answer #5 · answered by NurseNancy 1 · 0⤊ 0⤋
deferred finance charges are a way companies get you pay them off before a deadline
They are normal finance charges that would accumlate, except they are deferred until a certain date, if you pay off the money you owe the company before the date they give, you dont owe the deferred finance charges, if you dont pay it off, usually you owe all or a certain portion of those charges depending on how your credit agreement is written.
2007-02-25 18:14:33 · answer #6 · answered by dr_kayoz83 2 · 0⤊ 0⤋
You pay finance charges , If You don't pay off the loan before it is due. Then all In terse is
2007-02-25 18:18:34 · answer #7 · answered by Richard T 1 · 0⤊ 0⤋