Do I still have to make the "minimum payment" on a 0% intro rate credit card to avoid finance charges?
Answers:
In fact, if you do not make the minimum payment they will add interest (usually at a very high rate) and late fees. I have a friend that recently inadvertantly paid a 0% payment 3 days late. The interest and fees were almost $200 on a $500 balance. The interest was added back in to the date of the original balance.
YES.
There will always be a monthly minimum payment on your credit card if you have a balance. Ussualy it is anywhere from 2-4% of the balance. What your interest rate is has nothing to do with it.
There is probably a clause in your agreement with the credit card company that states they have the right to raise your interest rate if you don't pay according to their terms. This means you'd lose your 0% rate (as well as be hit with fees) if you did not make at least the minimum payment.
You have to pay the minimum balance or you will fall into a default status and lose your 0% intro rate. Take my advice and pay extra! 0% interest doesn't always mean ZERO as it may be just accruing on the account and then it will appear later when the interest kicks in. Pay extra and stay on top!
Yes you do have to make minimum payments. 0% rate is just the interest rate they will be charging you, but you are still responsible for repayment of the principal amount or else you will be charged late fees and they may even reverse the 0% rate to the normal rate.
Some are payment deferred and some you have to make payments each month. You better call and find out because if you are late then you could lose your 0% and it will get reported to the credit bureau. double check!
yes
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...