Help me out on this: CC and 0% interest.

If you have a CC that offers 0% interest for a yr. Bill comes........should there be a min payment?

and If I choose not to pay that amt?

I dont get penalized??

A little confused because I have had a cc with same situation and I chose not to pay that month, I didnt but made sure I paid my entire bill within that time period.

Re: Help me out on this: CC and 0% interest.

NONONO - if you don't pay at least the minimum, your interest rate will go up to some crazy amount!!!
No interest doesn't mean no payments!!!

Re: Help me out on this: CC and 0% interest.

Re: Help me out on this: CC and 0% interest.

each cc is different but most of them is 0% for X amount of months.... for example you get the credit card in thefirst month you spend 1000 .... bill comes there is a min payment of 20... you have to pay min or more... at the end of 6 months make sure there is no balance bc in month 7 when you get your bill if you have a balance they will charge you the apr for the past 7 months........... bottom line, make sure the entire balance is paid before the time period ends to aviod any finance charges

Re: Help me out on this: CC and 0% interest.

be careful with that! if your CC payment is just ONE DAY LATE -- your interest rate can sky rocket to anywhere between 25-29% -- and it will be applied to the entire balance from the BEGINNING of the time you started the 0% interest.

it won't matter if its late cause of the post office either; or if you are one dollar short of the min. payment, they can change the terms of the 0% offer.

Re: Help me out on this: CC and 0% interest.

Gotcha....I just got entirely CONFUSED.

Thank you!!

Re: Help me out on this: CC and 0% interest.

OMG definitely make the minimum payment at least. we just transferred about 10k to a no-interest credit card. minimum payment is 210... we pay 250 a month. and i'm keeping track, so before the interest kicks in at the end of 12months, i will open a different card, transfer the remaining balance and keep it going. it's the only way we will ever pay down our debt.