How it works and what you need to know
What is a 0% APR with Equal Monthly Payments Promotion?
0% APR with Equal Monthly Payments promotions let you make a qualifying purchase and pay for it over a specified amount of time with a 0% APR.
You may see this promotion advertised as “No Interest Until January 2020 with Equal Payments” or “No Interest for 12 Months With Equal Payments.” (Note: These examples are for reference only. The duration of your promotion may vary.)
How it works
Let’s say you make a purchase with a 0% APR with Equal Monthly Payments promotion.
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No interest will be charged on eligible purchases from the date of initial purchase until the balance is paid in full.
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A promotional fee may apply and will be shown at the time of purchase.
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Equal monthly payments are based on the initial purchase amount and promotional fee (if any), divided by the number of months in the promotional period.
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If you miss a payment or pay less than your minimum payment due, you will be charged a late fee.
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There is no pre-payment penalty.
Throughout the promotional period, your monthly statement will show you:
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the initial purchase date,
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the date the promotional period ends, and
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any outstanding promotional balance.
Frequently Asked Questions
We've compiled a list of frequently asked questions about 0% APR with Equal Monthly Payments promotions to help you understand how these promotions work. Click on any of the questions below to learn more.
If you have any other questions, contact us at 1-800-252-2551.
Payments
If I make only my minimum payments, will I be charged interest?
No. Your minimum monthly payment on a 0% APR with Equal Monthly Payments Promotion is equal to the initial purchase amount divided by the number of months in the promotional period. Paying your minimum monthly payment will pay off your promotional balance by the end of the promotional period.
If I make payments that are larger than my minimum payments, are those amounts always applied to my 0% APR with Equal Monthly Payments promotional balance?
No. Generally, we first apply the amount over and above your minimum monthly payment to higher interest balances and older balances.
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If you have a deferred interest promotional balance, any payment over and above your minimum will be applied first to the deferred interest balance during the last two months of the deferred interest promotional period.
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If you have two or more 0% APR with Equal Monthly Payments promotional balances, you may be able to redirect the excess amount among those balances as desired. To do so, call us at the number on your account statement.
How do I make a payment?
It’s easy. We offer three convenient ways to pay your monthly bill.
By Phone
Call the phone number shown on your statement or on the back of your credit card.
By Mail
Department of Accounts
P.O. Box 33802
Detroit, MI 48232-5802
Please allow 7 days for your payment to reach us.
Balance Information
How long do I have to pay off my 0% APR with Equal Monthly Payments promotional balance?
Your Promotion Expiration Date can be found on your monthly billing statement in the “Summary of Promotional and Standard Balances.”
You can also login to your account at myonlineaccount.net to see your Promotion Expiration Date.
Purchases
Can I make other purchases on my account during the 0% APR with Equal Monthly Payments promotional period?
Yes. You can make purchases up to your available credit limit.
But remember, other balances affect how your payments are applied. We first apply your payments to the minimum payments due for all balances. The portion of any payment that is larger than your minimum payment is an excess payment.
Generally, we first apply the excess payment to higher interest balances. But, if you have a deferred interest promotional balance, any excess will be applied first to the deferred interest balance during the last two months of the deferred interest promotional period.
Statements
Where can I find information about my 0% APR with Equal Monthly Payments Promotion on my statement?
Your billing statement is designed to put all the information you need at your fingertips. Whether you receive paper or paperless statements, you can quickly review transactions, see your payment information and view all the details of your promotional purchases. Information about your 0% APR with Equal Monthly Payments Promotion is found on your statement under “Summary of Promotional and Standard Balances.”
Minimum Payment Due
Make at least the minimum payment due each month by the due date shown.
Transactions
Summary of your payments and any recent transactions.
Summary of Promotional and Standard Balances
An overview of your Promotional purchases.
Initial Purchase Date
When you made the Promotional purchase.
Promotion Expiration Date
Pay your promotional balance in full by this date.
Accrued Interest
Interest does not accrue on 0% APR with Equal Monthly Payments promotions.
Interest Charged
Interest is not charged on 0% APR with Equal Monthly Payments promotions.
Outstanding Balance
The remaining amount you need to pay in order to pay off your promotional balance.
Minimum Payment Due
The minimum amount you need to pay by your due date.
Where can I get my statement?
There are two ways you may receive your monthly billing statement.
By Mail
You will receive a paper statement in the mail every month unless you enroll in paperless statements.
Online
If you enroll in paperless statements, or if you want to see your account information online, log in to your account at myonlineaccount.net.
