Posts by hiddenharbor552

Walter Davis13 said:Spot on.
There isn't even a minimum...
In theory, sure, that’s how the math works... but if you actually factor in the principal paid down over the quarter or the year, you realize it's never really going to be three bucks; people just dream about those numbers based on whatever's left of the remaining balance...
It’s the same deal with installment plans, sure... just with a minimum fee of 3.5% tacked on top. $6.75 I mean, the fact that they want the full settlement amount upfront instead of letting you pay it off in installments... it just doesn't sit right with me...
You can just make that up yourself; there’s absolutely no need to say a single word while you're standing there in the store...
The full amount you spend hits your credit limit immediately, though the repayment part stays interest-free...
If you’re looking at a dynamic credit limit setup, you get one revolving card and one charge card completely free...

But how exactly do I set it up so it goes onto a 12-month plan instead of stretching out over 36?🤷

7. If you have both a revolving card and a charge card in your dynamic bundle, there are no fees.

I actually asked my banker about the monthly membership fee for this specific bundle, and they told me it’s free forever. But then when the paperwork arrived in the mail, it said the fee was waived for just the first year... so now I'm totally confused.🤷

One more thing. If I, say, withdraw $333 from an ATM, is there any way I can pay it all back in one lump sum before the actual due date to dodge the interest? Or am I stuck getting hit with interest charges as if I had opted for the full 36-month plan anyway?
Thanks for the help!👍

Michael Brooks732 said:The card basically works two ways. You can use it like a standard Mastercard by paying off the full balance ten days before the billing date. If you don't, the balance just gets split into installments—you pick the percentage or the terms yourself. Personally, I think it's a solid tool. It gives you enough flexibility to play it however you want.🙂

So what’s the deal with that? If my bill is due on the 18th, but I pay off everything I spent by the 8th, does that mean it won't get dragged into those 36 monthly payments and I'll dodge the interest entirely? Like, I wouldn't even be using the revolving part?

Help me out people... I am totally lost when it comes to credit cards🤷
Man, I have so many questions... please, if anyone could walk me through this, I'd really appreciate it.
They just approved me for a $0.00 limit on this GO card, with 36-month installments...

1.So this is a revolving credit card, right? Everything I buy gets split into 36 installments, and so every month I just see 1/36th of that hitting my account for payment (I told them I wanted the due date to be the 18th)... am I getting that right or wrong?
2.Does whatever amount I spend automatically get split into 36 months... even if it's just $33? Or is there some kind of minimum I have to spend?
3.The interest rate is 12%, and they charge it every three months. So, if I spent $33, the interest is 12%—which is actually $4.00 annually—so every three months I'll be charged $1.00? Is that how it works?
4.Is it the same whether I'm buying stuff at a store or if I'm just withdrawing cash from an ATM ? Except for the ATM, I'll also get hit with a withdrawal fee, right? How much is that usually? Does the fee depend on how much I take out, or is it a flat rate per transaction? And does that withdrawal amount also get split into 36 installments plus interest?
5.Can I choose to pay for something in fewer than 36 months? Like, say 12 months, even though my agreement says 36?🤷 Do I need to tell the cashier at the register when I'm paying? Or how does that work?
6.What does it actually mean when a store offers "12 months interest-free" with the GO card? My understanding is that the retailer is essentially financing it—meaning the whole amount doesn't hit my card all at once, but instead, 1/12th of the price hits my balance each month for 12 months, and then *that* specific monthly amount gets split into 36 installments?
So, if I buy something for $4000, my card gets charged $333 every month, but because it's being spread over 36 months, my total monthly payments just keep climbing as more thousand-dollar purchases hit the bill?
Does any of that make sense?
7.I have a dynamic rewards program so I don't pay a monthly membership fee. Does that mean the card costs me $0.00 if I don't even use it?

*One more thing unrelated to the GO card. Can I use my regular debit card from JPMorgan Chase to do a delayed payment, where the entire amount I spent just gets billed to my checking account next month? Is that something I have to activate, or do I just tell the cashier at the store when I'm checking out?