Mine has always been weird….
So first of all, it appears to be six months from statement close, not from the purchase date.
Obviously if you don’t pay in full by that date, they will charge interest I would imagine, but it causes a strange lag where the payment date (which is usually a few days before the statement close date) shows an interest saving balance that may be true for the payment date, but you would end up with a lot of interest if you don’t pay it by the statement date. I find the interest saving balance line to almost be deceiving in that way.
As far as how they calculate interest - my understanding is that it is at 0% no interest, and that if you don’t pay it in full by that date, they will start assessing you interest. I don’t see any “deferred interest” charges listed on my account - which I think they would have to show if they’re going back to the beginning of the purchase to measure your interest. On other promotional cards I have had, it has been disclosed.
We primarily use this card for DVC and Cruises, you get the 2%, and then get 6 months to pay it off. We also transferred credit from another chase card so that we have a very luxurious available credit amount, and more than I would hope to ever use.
So first of all, it appears to be six months from statement close, not from the purchase date.
Obviously if you don’t pay in full by that date, they will charge interest I would imagine, but it causes a strange lag where the payment date (which is usually a few days before the statement close date) shows an interest saving balance that may be true for the payment date, but you would end up with a lot of interest if you don’t pay it by the statement date. I find the interest saving balance line to almost be deceiving in that way.
As far as how they calculate interest - my understanding is that it is at 0% no interest, and that if you don’t pay it in full by that date, they will start assessing you interest. I don’t see any “deferred interest” charges listed on my account - which I think they would have to show if they’re going back to the beginning of the purchase to measure your interest. On other promotional cards I have had, it has been disclosed.
We primarily use this card for DVC and Cruises, you get the 2%, and then get 6 months to pay it off. We also transferred credit from another chase card so that we have a very luxurious available credit amount, and more than I would hope to ever use.