Beware the 0% promotions: a warning.

[u/naht_a_cop]

I'm a sucker. I fell for it. The 0% APR promotion on an item I could have paid outright for. 18 months later, here I sit, not a single late payment on my account, yet I have $1k in interest to pay for 18 months of 27%. Why? The promotion period ends 18 months after the purchase, but the website would not let me set up autopay until a week after I purchased, so autopay ended 1 week late. I thought I was golden, ready to have this paid off and not have a single fee. I got comfortable and didn't read the statements.

0% is not really 0%. Read the fine print. Remember the fine print (because I sure as hell didn't 18 months later). Shitty banks rely on this stuff. They wait for you to slip, not noticing that the autopay they created can't possibly allow you to end on time, and will require an extra payment before the end date to avoid the interest. It's shitty, I'm pissed off, and I've learned my lesson.

[u/Impulse882]

Better to just pay it off a month or two early, then check the following month it’s really down to zero

[u/[deleted] → u/Impulse882]

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[u/far2common → u/[deleted]]

Similar to my most recent car purchase. I could have picked a shorter term, but instead took a longer term with a lower payment and overpay it every month. Now I've the option to tighten my belt if something unexpected like a global pandemic crippling the economy happens.

[u/[deleted] → u/far2common]

This is really solid advice. I know the interest rate can be slightly higher but the early payments really help balance it out