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Old 10-06-2012, 11:45 PM   #16
siskaren
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Originally Posted by eeyoreland View Post
I think something has changed. He told me that federal laws now require a minimum payment be paid. Free financing can be offered, but a minimum payment has to be made every month.
I'm wondering if he was thinking of the minimum payment that you have to make in order to get the 0% financing, which is $101. What I mean is, if you're making monthly payments on your trip (or however often you want), you can get the 0% financing on each payment, but each payment has to be at least $101. (I found this out only after making a $100 monthly payment once, and then noticing on my next statement that that payment wasn't listed as having the 0% financing.)
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Old 10-06-2012, 11:56 PM   #17
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Originally Posted by siskaren View Post
I'm wondering if he was thinking of the minimum payment that you have to make in order to get the 0% financing, which is $101. What I mean is, if you're making monthly payments on your trip (or however often you want), you can get the 0% financing on each payment, but each payment has to be at least $101. (I found this out only after making a $100 monthly payment once, and then noticing on my next statement that that payment wasn't listed as having the 0% financing.)
Minimum payment varies according to your statement balance. I've had a minimum less than $101 even if I have a vacation balance. But I think you are correct. If you are making more than the minimum payments by paying off the non-vacation balance (assuming you have something on your card besides your vacation), then you don't need to pay off anything on your vacation balance.
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Old 10-07-2012, 12:13 AM   #18
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Originally Posted by Maggie'sMom View Post
Minimum payment varies according to your statement balance. I've had a minimum less than $101 even if I have a vacation balance. But I think you are correct. If you are making more than the minimum payments by paying off the non-vacation balance (assuming you have something on your card besides your vacation), then you don't need to pay off anything on your vacation balance.
I'm actually talking about payments you make to your trip, not payments you make to your card. Say I was booking a trip for 12 months from now with a total cost for the package of $1500. I would have to make a down payment of $200, but instead of waiting until I'm 45 days out from my arrival date to pay off the remaining balance, what I could do instead is make 10 monthly payments of $130 each, and I would then get the 6 months 0% financing on each of the 11 payments.
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