Just applied for Apple credit, out of curiosity. What does this mean?

[watchmainspring]

In my drive to purchase a new wintel book, I considered using the payment plan to pay, that way my account doesnt take a major sudden hit. I am curious if I pay have to pay interest. I just dont want to pay interest, otherwise I would buy normally.

Will I pay more if it says:

Annual Percentage Rate (APR) for Purchases:0% (1) Fixed for 3 months, thereafter 12.74%(2) variable.


where (1) is:You will have a fixed 0% Introductory APR on purchases for 3 months. Your Introductory APR will automatically be adjusted to the normal Purchase Rate if the required minimum payment is not credited to your Account before the first day of the billing cycle that starts after the payment due date on your statement.

and (2) is :2The APR for Purchases is determined by adding a margin of 5.49% to the 3-month high prime.


This is all so confusing. If I pay within 30 days, is there interest? Anyone done this before?

 

[CanadaRAM]

If you pay within 30 days there is no interest.
If you make 2 monthly payments on time and pay the balance within 3 months there is no interest.

If you are late 1 day on any of the payment(s) or pay it off 1 day past the 3 month mark, you get hella interest on the whole works including the first 3 month period.

 

[jadekitty24]

Yeah, I believe it's "90 days same as cash". Pay it in 3 months and no interest.

 

[watchmainspring]

Yeah, it seems kinda like they design it so you could accidentally not pay on time because it's unclear when/how to do it, so I think I'm just going to do a straight up cash purchase.

 

[DavidLeblond]

The purpose of credit is if you can't pay it all in one chunk. If you can, you shouldn't use credit because boy once you get past that 90 days no interest they'll pile it on.

12.74% isn't too bad, when I got my laptop it was 19.9% interest. I paid that sucker off right quick!