Transferring a credit card balance to a new card with 0% introductory APR on purchases and balance transers?

Question

I wanted to know, if I will be charged the full amount of interest for the original amount transferred if the balance is not paid in full by the end of the introductory time period??

I know that some companies do this (such as best buy 0 interest financing, Care Credit, ETC) but how exactly is this worded in the terms & conditions?

Answer 1

It will say in the fine print, that any balance that has not been paid after the 6 month period will be subject to the default apr at that time.

Something like "if you do not pay the balance by the end of the promo period you will be subject to the default finance charge"

Most store cards have this stipulation, but I have not seen it in the fine print on major bank cards

Answer 2

There should be an 800 number you can call to make sure about the charges. This is one that I recently came upon my self:

If you pay the full amount of the purchase within 90 days of the purchase date, you will not pay finance charges on the purchase. Otherwise, finance charges will be assessed on the balance from the date of the purchase and you will be required to make minimum monthly payments on the purchase balance. If you do not make a payment when due (including minimum monthly payments required on any other balance on your account), or you exceed your credit limit or cash advance limit, or you make a payment that is not honored by your bank, then this promotion will be terminated and any accrued finance charges will be added to your balance and the Delinquency Rate may apply to all balances.

They do not make it easy for people to really understand their policies. IMHO, they do this to take advantage of people.

Answer 3

Most cards will take you up to full interest rate, say 18% if you are late in making your monthly payment. That does not backdate for most cards.

If you have made exactly minimum payments or more, they will change your rate to the card full rate at the end of your intro period.

They really hope that you will just go on paying minimum payments forever. That is how they keep you paying the most for the least.