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Old Jul 6, 2013, 10:31 PM   #1
Sith Vol
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Question regarding Barclay purchases

In April of this year I applied for and was approved for the Barclay card. I chose to apply for this due to me needing a new laptop before my fall semester of college begins. However, I wanted to wait until WWDC when the new laptops were announced before I went ahead and purchased one. As ignorant as this sounds, I just now read that the 0% interest rate for 18 months only applies within the first 30 days of the account being opened.

My question is: Seeing as I am well beyond my first 30 days of having an account open, will me purchasing a MacBook Air "today" cause my monthly payments to instantly add on the 22% interest rate? Or is this interest rate added on only after my first late payment?

I'm not worried about paying on time at all. My worry is that I'm going to buy this $1300 MBA and I'll instantly have a 22% interest rate attached to the payments. This seems pretty ridiculous in my mind, but I'm not sure if this is how they work. I'm new to owning a credit card and I definitely don't want to pay 22% extra for a laptop when I'm planning on paying every month on time.

Thanks for reading. Advice/answers are appreciated.
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Old Jul 6, 2013, 10:34 PM   #2
siurpeeman
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over what time period are you planning to pay off the computer?
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Old Jul 6, 2013, 10:36 PM   #3
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It's 22% APR, like other credit cards. Since you missed the 0%, it'll be the 22% APR on the unpaid balance. So, whatever that works out to monthly is what gets added. And, just like any other CC, the faster you pay it off, the less interest you pay.

The only way to avoid monthly interest would have been to take advantage of the 0% offer (if paid within 18 mo.). Just divide what is financed by 17 mo. to arrive at a minimum monthly payment (extra month leeway just to make sure).
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Old Jul 6, 2013, 10:56 PM   #4
Sith Vol
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I plan on paying off the computer well within the 18 months. Is the interest rate only added after late payments? Or is it added on immediately no matter if my payments are on time or not?

Lets say, my purchase is $1300. Divide that by 18 and that's roughly $73 a month. Will that be my monthly payments, as long as my payments are on time? Or will it be $89 a month ($73 x 22%) from day 1 no matter whether its late or not (seeing as this purchase was made after the first 30 days of the account being opened)?

Sorry for the repetitive questions. I just want to be 100% on this before I make a purchase like this and end up being screwed. My assumption is that the 30 day promo is in regards to no interest on late MONTHLY payments. And the 22% only being added on after 18 months of the purchase not being fully paid off.

Last edited by Sith Vol; Jul 6, 2013 at 11:02 PM.
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Old Jul 6, 2013, 11:21 PM   #5
gr8tfly
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Quote:
Originally Posted by Sith Vol View Post
I plan on paying off the computer well within the 18 months. Is the interest rate only added after late payments? Or is it added on immediately no matter if my payments are on time or not?

Lets say, my purchase is $1300. Divide that by 18 and that's roughly $73 a month. Will that be my monthly payments, as long as my payments are on time? Or will it be $89 a month ($73 x 22%) from day 1 no matter whether its late or not (seeing as this purchase was made after the first 30 days of the account being opened)?

Sorry for the repetitive questions. I just want to be 100% on this before I make a purchase like this and end up being screwed. My assumption is that the 30 day promo is in regards to no interest on late MONTHLY payments. And the 22% only being added on after 18 months of the purchase not being fully paid off.
I don't know about how late payments worked. If the initial purchase amount isn't paid off within the 18 months, they will charge you interest based on the entire original amount (at 22% APR).

If you aren't on the interest free plan, you can just find an APR calculator on line to find out how much your monthly payments will be on the declining balance. Sounds like should probably read up on how the interest is calculated on credit cards in general, so you'll know what to expect if you're not able to take advantage if the 0% plan.
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Old Jul 7, 2013, 04:11 AM   #6
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Quote:
Originally Posted by Sith Vol View Post
Sorry for the repetitive questions. I just want to be 100% on this before I make a purchase like this and end up being screwed. My assumption is that the 30 day promo is in regards to no interest on late MONTHLY payments. And the 22% only being added on after 18 months of the purchase not being fully paid off.
no, you missed your window. the purchase needed to have been made within 30 days of the account opening. if you buy a computer, you'll be given a little bit of a grace period to pay off the balance. otherwise, you'll be paying that 22% interest until the computer is paid off.

if you want to buy a computer on credit, your best bet is to get a new credit card. the chase freedom card, for example, gives you 0% for fifteen months and gives you cash back.
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Old Jul 7, 2013, 05:06 AM   #7
Sith Vol
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Well that sucks. Thanks for answers guys. Guess I shouldn't have been so quick to apply for the card when I intended to use it on a 2013 MacBook.
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Old Jul 8, 2013, 10:47 PM   #8
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Best Buy has a store credit card with everyday18 month no interest financing on purchases $429 and up. Maybe you could look into that.
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Old Jul 9, 2013, 02:00 PM   #9
twoehr
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I would call Barclay and explain the situation. I bet they help you get the 0% whether it is canceling and opening a new card or making an adjustment to your current card.

Worst case, your card should have a 25-30 day grace period on new purchases, which means the 22% interest rate does NOT begin if you pay it off on the due date on the next billing cycle. BUT, verify the grace period, some cards, targeted to low income people have no grace period and charge interest right away.

Another option is to open a Discover Card, the give 5% back on Apple Store purchases made via the Discover Card website.

HTH
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Old Jul 9, 2013, 03:19 PM   #10
paintmania
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I was in same situation. Opened one in April, called them 10 days ago to ask, they said no problem, 0% interest, just like the original deal.
Give em a call
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Old Jul 10, 2013, 08:56 AM   #11
Ifti
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Originally Posted by Sith Vol View Post
Well that sucks. Thanks for answers guys. Guess I shouldn't have been so quick to apply for the card when I intended to use it on a 2013 MacBook.
What kind of card is it??

Its usually a 0% rate on BALANCE TRANSFERS that have a 'within 30 days' window. You are not using a balanace transfer.

If its 0% on PURCHASES, then you should have a much longer window.

For example, I just got myself a Natwest card, which is 0% on purchased for 18 months. I can make purchases at any time within that first 18 months and its 0% interest for those 18 months.
I set myself a reminder to pay off and close the card just before the 18months are up - just a way of having a 0% loan!
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Old Jul 10, 2013, 10:30 AM   #12
Sith Vol
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Originally Posted by Ifti View Post
What kind of card is it??

Its usually a 0% rate on BALANCE TRANSFERS that have a 'within 30 days' window. You are not using a balanace transfer.

If its 0% on PURCHASES, then you should have a much longer window.

For example, I just got myself a Natwest card, which is 0% on purchased for 18 months. I can make purchases at any time within that first 18 months and its 0% interest for those 18 months.
I set myself a reminder to pay off and close the card just before the 18months are up - just a way of having a 0% loan!
It's the Barclay card that Apple offers.
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Old Jul 10, 2013, 12:10 PM   #13
Ifti
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It's the Barclay card that Apple offers.
Ah, Ive not checked on that one - why not open a card directly with a Bank? You'll get a good 18 months at 0%......
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