What is the equal pay option and is this better than using special financing?

Answered on May 11, 2016
Updated on May 11, 2016
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
The equal pay option offered by the Amazon card could be a better option than special financing but I also wouldn't consider it a good option. The equal pay option takes your promotional eligible purchases and splits them into 12 equal monthly interest-free payments. When thinking of this option keep in mind that your monthly payment will be significantly higher than a minimum monthly payment of a non-promotional item. Also you will have to make a minimum monthly payment for non-promotional items in addition to your twelve equal monthly payments. Being that this card has a high APR, there is not much benefit to no interest on part of the bill if it causes you to pay less of the bill with the high APR. A better option would be a card that has a promotional 0% interest rate or even a card with a low ongoing rate.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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When you carry a balance on a credit card, your minimum monthly payment will depend on the amount you owe, interest rate and fees. As a rule, you have to pay 1%-2% of your card balance plus new interest and late payment fees (if applicable). If you have any past due amounts, they will be added to the minimum payment as well. So, the more you owe on your credit card, the higher your minimum payment will be. However, you can avoid interest if you pay off the card balance in full each month. Also, there are credit cards with 0% intro APRs that do not charge interest during introductory period.
BB&T cards come with 0% intro APR on purchases, that is a great feature. But you don't mention if you are planning to earn rewards on your purchases, as only BB&T Spectrum credit card comes with cash back rewards. You may choose from cash back credit offers with 0% intro APR. For example, the Discover it® Cash Back credit card may be a good choice. Keep in mind that after the introductory period is over, ongoing APR will apply.
Credit cards from famous brands often come with high rates and fees. If you want to get credit card for your Uber rides, consider 0% and low intererst credit cards to avoid getting stuck with high interest rates or rewards credit cards. Depending on your lifestyle and preferences you may choose to earn miles, points or cash back on your purchases.

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