Every thread that involves discussion of balance transfers to a 0% interest card inevitably has a comment warning you to pay it all off or you'll be charged all the deferred interest.
The CARD Act of 2009 prohibits any credit card that advertises "0% APR" or "0% interest" from charging deferred interest. If you fail to pay these cards off in full by the end of the promotional period, you will only be charged interest on the balance going forward. Of course, you should pay it all off anyway, since that was the whole point of the balance transfer.
Retail cards like Best Buy do charge deferred interest on purchases. You'll notice their language says things like "NO INTEREST IF PAID IN FULL WITHIN 6 MONTHS". They never say 0%.
If the card advertises a 0% APR, they cannot charge you deferred interest.
Submitted March 27, 2017 at 04:05PM by thecw http://ift.tt/2nZkTPN
