Confused on what order to pay off debt

[greenskeeper]

on the 0% cards do you get hit with "accrued interest" when the teaser rate expires?

[humandraydel]

on the 0% cards do you get hit with "accrued interest" when the teaser rate expires?

This is BIG. You better check the terms, because you almost ALWAYS get hit with the accrued interest and it is usually a ridiculous rate like 25% or more.

IMHO your number 1 priority is to make sure all 3 of the "introductory APR" cards are paid off BEFORE the date. Otherwise, you are going to get hit with a LOT of interest. Then, anything else should be paid to the 10% credit card.

[jpg7n16]

This is BIG. You better check the terms, because you almost ALWAYS get hit with the accrued interest and it is usually a ridiculous rate like 25% or more.

I've actually never heard of this ever happening. Do you have any links to support this?

[LuckyRobin]

The Best Buy card will hit you with the accrued interest if it is not paid off in full on time. That's one of the credit cards that has the deals that are 18 months, 9 months, and 3 months same as cash depending on how much you finance. If the Home Depot card acts like the Best Buy card where you are paying it off on a term same as cash, it will be the same with accrued interest if not paid in full on time. All the same as cash cards behave that way. The Chase card should not be like that at all as it is a standard credit card, right?

[humandraydel]

I've actually never heard of this ever happening. Do you have any links to support this?

You mean like this?

12 months, no interest -- I just got slammed with a massive charge of back interest

[jpg7n16]

You mean like this?

12 months, no interest -- I just got slammed with a massive charge of back interest

Yes, exactly like that! Thank you for the link. It got me thinking, so I looked into it a little further, and you're exactly right that it applies here too. Apparently it applies to in-store CCs as well, which I never knew before. So thanks to both you and greenskeeper. I'll keep that in mind going forward

From: BestBuy - Financing Offers

You can get 18-month financing on any purchase totaling $429 or more. Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within 18 months or if you make a late payment.

From: Home Depot - Consumer Credit Card

Interest will be charged to your account from the purchase date if the purchase balance (including premiums for optional credit insurance) is not paid in full within 6 months or if you make a late payment

[LivingAlmostLarge]

I'd also focus on the 0% to be sure it's paid off before the interest starts