Financing

[SpaceKitty]

Gotcha, but im still confused. If its 18 months of deferred credit doesn't that mean I just have to pay it off in that 18 month time period and then I won't have any interest rate calculated in? I thought the way it works is, that if I go over that 18 month period, then the entire 18months and the following month will stack upon eachother for 19 months of 22% interest. However If I pay it off before those 18 months are up, then I have no interest? I guess Im thinking wrong here?


EDIT: This is what the apple website says:
Get 18 months deferred interest on your first Apple purchase of more than $2500 or more. If balances are not paid in full within 18 months, interest will be charged from the purchase date at a 22.99% variable APR.1

and the ** is: Interest charges are deferred for the first 540 days (the promotional period) approximately 18 months for the purchase of Apple products between $2500 and above (inclusive of tax and shipping) that post to your new account in the first 30 days of account opening, provided you make timely payment of at least the minimum due each month and the initial Apple purchase balance(s) is/are paid in full on or before the 540th day. If the balance(s) is/are not paid in full at the end of the promotional period or you make a late payment, you will be charged interest from the date of the purchase at the purchase APR (currently 22.99%). This APR will vary with the market based on the Prime Rate. Please see terms and conditions for additional information, including the APR for purchases, balance transfers and cash advances, and subject to applicable law, the APR that may apply if your payment is received late, you exceed your credit line, or your payment is not honored by a bank.

First of all, you have to spend $2500 to get the 18 months deferred interest. You will not get approved for a $2500 balance to start with because of your age.

Second, none of this will matter because of the limit.

 

[austinpike]

If its 18 months of deferred credit doesn't that mean I just have to pay it off in that 18 month time period and then I won't have any interest rate calculated in?

Yes, you have you have it exactly right. But if you are putting $1200-1500 on the card then you'd get 12 months deferred, not 18 months.

 

[Apollo7011]

Ahh, there's the rub. 0% and deferred interest are two different things. Have you already applied?

They won't let you until the time of purchase. And just going back to what was said, I can spend up to 1,800 on my visa, up from $800 when I first got it, so maybe there's a chance for me? I guess I shall find out tomorrow, hopefully I won't have to get my Grammy to help me out haha

 

[hypermog]

A computer is not something you should finance. Heck, you shouldn't even finance anything, except a house.

At 0% interest, there can be advantages to going with credit, even if you have all the money for the computer in the bank right now (see: the future value of money). But, in simple terms, I agree with you.