How much will I end up paying ?
I have my credit card balance at 0 right now and was about to close it but they offered a 90 days interest free same as cash deal on any purchase at the apple store. I’ve been wanting a neat iPod Nano (which is 150) and I can definately pay it off in 90 days. My question is that if I fail to pay it all by 90 days, the interest is 27.99 percent I believe and it says finance charges will be assessed based on the average daily balance for full same-as cash period. What’s it mean? How much will the interest be on 150?
OK, please read the question THOROUGHLY. I am not asking for advice on whether to do it or not; I want to know the MATH. I already said I intend to pay it off in 3 months but I always try to think ahead in case I somehow can’t. Thanks to all who can read the question properly.
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3 months interest will be around $11.00 plus any interest for time over the 90 days. If you REALLY want it,l then buy it but remember to pay it off or it will cost you another $11 plus about $4 for every month you delay.
Sorry I don’t fell like doing the exact math but if you don’t pay anything on the balance and hit day 91 the balance will go from 150 to somewhere around 160 bucks.
If you do not pay off the balance within 90 days, you will owe interest on the $150 for all the months of the loan (credit charge). 27.99 percent per year is 2.3325% per month. For $150 x 0.023325= $3.50 per month. If you have paid part of the charge, you can subtract that amount from the balance and recalculate using the same interest numbers.
Don’t do it, if you can’t pay for the Nano cash… DON’T buy it! Besides, the NANO is only a couple hundred bucks! Borrow the cash form your mom and dad or ask them to buy it for you for X-mas and you’ll pay 50% of it! Credit is to be used for big stuff only… house and or car! If you can’t buy it now… save for it! You’ll enjoy it more when you pay for it cash out of pocket!
Credit cards just lead to problems. Why not just save up $150 and buy the ipod when you can afford it?
They offered you the apple thing because they don’t want you to get rid of your card. They’re not on your side. Credit card companies want people to get behind on their payments so they can screw you over and get more money from you. They’re evil.