I'm very familiar with "deferred interest" payment plans (Paypal, etc.) but do credit card promo rates work the same way?
Say you open up a credit card with a 10K limit, that has a 0% APR promo rate for 18 months. If you carry a 10K balance through the 18 months, then pay off 90% of it by month 18, do you get stuck with the entire interest that whole time (because you didn't pay it all off, as in the case of deferred interest); or do you just get charged interest on the revolving balance that's left after the promo period ends?
On the card in question, I've studied the fine print, statements, etc, the credit card (and other finance) companies make a deliberate effort to hide these things. Just curious if anyone knows so I don't have to kill a couple hours getting a hold of customer service.
Say you open up a credit card with a 10K limit, that has a 0% APR promo rate for 18 months. If you carry a 10K balance through the 18 months, then pay off 90% of it by month 18, do you get stuck with the entire interest that whole time (because you didn't pay it all off, as in the case of deferred interest); or do you just get charged interest on the revolving balance that's left after the promo period ends?
On the card in question, I've studied the fine print, statements, etc, the credit card (and other finance) companies make a deliberate effort to hide these things. Just curious if anyone knows so I don't have to kill a couple hours getting a hold of customer service.