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This has gotten me conflicted, in the promotion it clearly states that you'll get 6 months to pay off a purchase, right under it says "No payments or interest" (if paid in full within the promotional 6 months, of course)
But, after reading the user terms and agreement it plainly states that a monthly billing cycle initiates within days of the purchase and you have to keep up with a monthly payment program. (of course, again, despite the promotion claiming no payments for 6 months)
Does this mean that you still have to make payments despite the obvious "no payments or interest in 6 months" promotion? If that's the case, it's clearly deceptive and almost had me going for a while. I've seen horror stories of this promotion leading people into massive debt due to unclear rewards and obligations.
Unless someone can clear this up and give a clear and straight-forward explaination of how this offer works, I can't do anything with it. Maybe I'm just misinformed but this is awfully sketchy.
Yes, your billing cycle will start on the day you first make a transaction. You will get a statement every month with a current balance and a "Due By" date on it. HOWEVER, as long as the only thing on your bill is the promotional transaction, your amount due will be "$0." It will be this way until your period ends. Then, all the accrued interest and the balance will be factored in.
At the bottom of the electronic statements there will be a box with your "Promotional Purchases" with the amount left on them and when they expire. It will also say how much interest has accrued. The sooner you pay off the balance, the less interest will accrue. Here's the example they give:
Month Balance Interest
1 $100 $1.67
2 $100 $1.67
3 $100 $1.67
4 $100 $1.67
5 $100 $1.67 ($90 payment)
6 $10 $0.17
Month 7 you will now have $10+$8.52 in accrued interest. HOWEVER, if you had paid $90 immediately, making the balance $10 on the first month, only $0.17 will accrue as long as it's unpaid. This will make month 7 $10 + $1.02.
Does that make sense?
You have 6 months to pay, and before the 6th month ends you pay entire balance with no interest, correct?
Ex. Month 1 you spent $100
Month 2 you spent $ 0
Month 3 you spent. $ 0
Month 4 you spent $ 0
Month 5 you spent $ 0
Month 6 you spent $.0.
At at the end of month 6 you would $100 interest free correct?
I am thinking this six month no interest thing is BS. On August 12 I made a $100.00 purchase using the six month no interest promotion. There are no other purchases on my PP credit account. On September 2 I get a statement requiring me to pay $29.00 in order to comply with my promotion. Any moron can see that at this rate I will be forced to pay off my account WAY before six months. I can not even grasp how they took a $100.00 balance on a six month promotion and ginned up a $29.00 payment right off the bat. My statement is full of double talk, but the bottom line is there is no way I am given six month to pay with no interest. If I do not pay the $29.00 payment I am also subject to late fees. I know I am going to lose a few points on my credit score, but I am paying this off and closing the account. The last thing I need in my life is one more outfit not doing what they promise.