Does 0% introductory APR mean no interest at all?

Question

I am new to credit cards so please answer clearly.

I've been good with paying my credit card every month so far, I've had it for about 5 months. I usually only have a couple hundred dollars or so each month.

This month I have $1300 on my card. I don' t know if I'll be able to pay the full amount but I think I have 0% introductory APR for a year. Does this mean that if I pay my credit card AFTER the date it is due I won't be charged any extra $$$?

PLEASE LET ME KNOW!

Answer 1

It is possible you have 0% on purchases, but the credit card companies usually just give the preferred 0% to balance transfers.
The best way to find out for sure is call the company using the toll free customer service number on the back of the card. They will be able to tell you exactly what percentage rate you have and if it covers ourchases.

Answer 2

no

you'll have to read your documents to be sure .. or call them

AND,

you have to pay at least the 'minimum due' amount by the due date or they'll go ballistic all over you with nasty charges and fees.

probably your zero percent introductory deal only applied to any amount you transferred from another card -- that's the usual offer on these (I get 'em all the time). AND, what that really means is that ONLY those funds are advanced at zero BUT all your payments go toward those funds until they are completely paid off.

Which means that you get charged the regular 24% or whatever it is this month on EVERYTHING else, EVERY month.

Example: transfer 2000 to start, charge 200 a month, pay 250 a month

month transfered charged interest

0 2000 200 0
1 -250 200 4 [on prior month's balance]
2 -250 200 8
3 -250 200 12
4 -250 200 16

5 -250 200 20
6 -250 200 25
7 -250 200 29
8 -250 200 33

ending 0 1600 147

end result ... you owe 1747 which is currently bearing interest at 24% [35/month]. you are paying 250 a month and charging 200 more ... your balance will begin to decline by about 50 a month and you'll be fully paid out in another 35 months or so.

you never get anything 'free' from a bank. Never.


:-)

Answer 3

Introductory Apr

Answer 4

0% APR for one year means there's no interest for the first year. Whatever you charged will not be charged interest until one year later. To avoid interest, make sure you pay off this $1,300 in 5-6 months. Sometimes the credit card company will tell you when your 0% APR ends if you ask them. You may want to double check whether this 0% APR refers to balance transfer or purchases.

Answer 5

0% introductory APR means you pay zero interest during your INTRODUCTORY period. Pay careful attention to these, and look for the actual APR, usually on the back of the brochure. It will probably be high. I would suggest meeting with a credit adviser before committing to a credit card. You need more education on the matter to handle credit responsibly.

Answer 6

0 introductory apr interest

Answer 7

0% means that during the intro period, they do not charge interest on the amount you owe.

That does NOT mean that no interest is accrued. If you do not pay the balance off before the end of the intro period, there may be interest required. How much, depends on the details of the card.

Now, if you make a payment late, then all bets are off. So, be sure to make a partial payment before the due date. If you are in a 0% intro period, then make sure you pay the rest off before that period ends.

Answer 8

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Outstanding balance is your balance currently due. If you do not pay if off in full before the 6 months are up, they could base your interest in average daily balance which means you are paying interest on balance you've actually paid off.

Answer 9

I wish to ask the same question as the op.