question about this credit card offer - 0%intro APR til 04/2006

[phatj]

say I apply for this credit card and get an acceptance.

then I put $1000 on it.

if i only pay $10/month from now (jan 2005) til november 2005 (10 months, $100 paid total), I still only owe $900 to the credit card company (there are no annual fees) (and continued behavior til april 2006)?

 

[Wingznut]

That sounds most likely accurate, but be sure to read the terms very carefully. Often times they throw in a curve ball such as if you are late on a payment, the terms change immediately from 0% to something wacky like over 20%.

 

[welst10]

u have to pay minimum balance on time every month.

 

[phatj]

how do i find the minimum balance? i dont see it on the fine print

 

[sniperruff]

according to what i've heard on ATOT, your credit score will suffer if you owe the bank too much money, even if it's 0% APR.

 

[JoeKing]

usually you have to pay at least 2% of your balance every month

 

[Aimster]

Will you be approved if you apply for this credit card? Is your credit good?

I don't know anything about credit (obviously), but I get a lot of these 0% things in the mail all the time. If I was to apply for them I would get turned down most likely. They say pre-approved or pre-selected.

 

[welst10]

Originally posted by: phatj
how do i find the minimum balance? i dont see it on the fine print

it varies from month to month depending on your remaining balance. usually 2-3% of remaining balance.

 

[dionx]

Originally posted by: sniperruff
according to what i've heard on ATOT, your credit score will suffer if you owe the bank too much money, even if it's 0% APR.

it will suffer if the credit used/credit limit ratio is over a certain limit and near 100%. otherwise, if you pay the minimum payment on time, your FICO score won't be affected negatively.

 

[RossMAN]

Minimum payment will probably be $20 per month.

Remember to pay off your balance by April 2006.

Also some offers have a BALANCE TRANSFER fee of 3% or $50, whichever is greater.

 

[welst10]

Originally posted by: RossMAN
Minimum payment will probably be $20 per month.

Remember to pay off your balance by April 2006.

Also some offers have a BALANCE TRANSFER fee of 3% or $50, whichever is greater.

i thought it's "whichever smaller".

 

[Dulanic]

Originally posted by: welst10

Originally posted by: RossMAN
Minimum payment will probably be $20 per month.

Remember to pay off your balance by April 2006.

Also some offers have a BALANCE TRANSFER fee of 3% or $50, whichever is greater.

i thought it's "whichever smaller".

You are correct atleast I know Chase is like that, 3% $50 maximum fee.

 

[RossMAN]

Originally posted by: Dulanic

Originally posted by: welst10

Originally posted by: RossMAN
Minimum payment will probably be $20 per month.

Remember to pay off your balance by April 2006.

Also some offers have a BALANCE TRANSFER fee of 3% or $50, whichever is greater.

i thought it's "whichever smaller".

You are correct atleast I know Chase is like that, 3% $50 maximum fee.

Oops you're right, the lesser of the two