(Read the normal print for an amusing story, skip to the bolded text for more important info)
To begin, I'm a scallywag.
I saw that card offer in the mail and did some digging because I'm not used to credit cards. 0 percent APR for 12 months and APR is the interest that builds up if you don't pay on time. I pay on time. I wait until the last second but always on time so I'm decent with that. But how awesome would it be to have a card that I don't have to pay off for 12 months? I'm not even a spendthrift, ask my mom, I'm frugal as hell. Still, 12 months of not having to think about paying the bill. Nice.
So I get the Bank of America card, I'm approved, it shows up two days ago. And I'm reading through the pack of stuff because I'm plain like that. And I look at the interest and fees section - because I really don't know what I'm doing and if this 0 APR thing is legit.
It doesn't seem like it is. Or at least the way this is worded is a bit confusing to me.
The APR is 0.00% through to my statement Closing Date in February 2018, so almost 12 months. I have an Introductory Offer ID that I don't know what to do with, after which the APR will be 20 something percent. Same with Balance Transfers.
So then I go to the fees section. Promotion Offers are temporary offers, yada yada yada, but then at the bottom, not even bolded, it says:
"If you revolve your balance to take advantage of a Promotional Offer, all transactions and balances, including purchases, will be charged interest."
So I look up "what is revolving a balance?" It's basically not paying on time, revolving the balance by waiting another month or so, at least I think that's what it means.
But isn't that the entire point of having 12 months with 0 percent APR? That can't possibly be right or else why would anyone get excited - knowing that they have to pay their bill by the end of the following month anyway or else they'll be charged interest? I googled more about "what 0 APR means/revolving balances/dangers" but nothing useful came up.
Then I thought, "maybe only certain cards allow you a 23-25 day grace period, and this one doesn't, so they offer you 12 months of paying your bills "on time" and ignoring any daily interest. But, that's not true, becaus e my due date is at least 25 days after the billing cycle.
Basically I don't understand how having 0 Percent APR helps anyone if you basically have to pay the bill on time anyway to reap the benefit.
Thank you for any answers and for