Scott Miller 🇺🇦 🇺🇸<p>Interest is calculated based on current balance which declines as you pay off, but the fee is fixed. You can't directly compare!</p><p>What is the equivalent interest rate to the max 20.64% fee?</p><p>I used 2 diff online loan calculators to corroborate answer. The fee is about equal to a 35% APR! I'm hoping most people have credit card interest rates less than that.</p><p>So, caveat emptor! "No interest" doesn't necessarily mean lower cost.</p><p><a href="https://mstdn.social/tags/CreditCards" class="mention hashtag" rel="tag">#<span>CreditCards</span></a> <a href="https://mstdn.social/tags/ScottMoney" class="mention hashtag" rel="tag">#<span>ScottMoney</span></a> <a href="https://mstdn.social/tags/ScottFinance" class="mention hashtag" rel="tag">#<span>ScottFinance</span></a></p>
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#ScottFinance
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Scott Miller 🇺🇦 🇺🇸<p>A credit card just emailed option for pay over time plan -- setup a large purchase over equal monthly payments.</p><p>"No interest" they brag, just a fixed monthly fee. What is the fee? Up to 1.72% of the amount selected for the plan.</p><p>For a 12 month plan, that's (up to) 20.64% of the original purchase price.</p><p>About the same as CC interest rates?</p><p>Hold up! Not so fast!</p><p>1/2</p><p><a href="https://mstdn.social/tags/CreditCards" class="mention hashtag" rel="tag">#<span>CreditCards</span></a> <a href="https://mstdn.social/tags/ScottMoney" class="mention hashtag" rel="tag">#<span>ScottMoney</span></a> <a href="https://mstdn.social/tags/ScottFinance" class="mention hashtag" rel="tag">#<span>ScottFinance</span></a></p>
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