Help with understanding this Credit Card please?
” **Same as Cash offer on approved Musician’s Friend Platinum credit card purchases of $199 or more. No Finance Charges if purchase paid in full in 12 months. If purchase not paid in full or Account not kept current, Finance Charges assessed from purchase date and regular Minimum Monthly Payments required. Variable APRs as of 9/21/09. Standard Rate: 22.9%; Default Rate: 26.9%. Minimum Finance Charge $2. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Musician’s Friend Platinum credit card.”
1.What does it mean by I must keep the account current?
2.When I buy something and fully pay it. Do I still have to continue to buy something?
3. What does it mean by Minimum Monthly Payments required?
1) if you purchase something on the card under $199, the finance rates listed will apply. You must pay these.
2) after you pay for your purchase you are not obligated to buy anything else. SOME cards do have annual fees that you may have to pay.
3)If you don’t pay the purchase off in the 12 month, you will be responsible for making at least a minimum payment every month.
Be very careful with these types of agreements. They could be a great deal inf you pay them off before the promotional period ends. keep in mind the interest begins to accrue on the day you make the purchase. If you don’t beat the 12 month limit, you are responsible for all of the interest that has built up over the year.
Stephen Lynch – Best Friends Song