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It definitely happens in the UK, I've done this and also made the same mistake. I don't think it's illegal, because they give you the terms clearly: pay it off
by joshvm 4y ago
It definitely happens in the UK, I've done this and also made the same mistake. I don't think it's illegal, because they give you the terms clearly: pay it off within x months and it's zero interest. It's not like Klarna where they say you agree to make a 1/x payment every month. It's also not (as far as I know) a direct debit agreement. Virtually every credit card company also does this; you have to request to pay the full balance every month if you want to avoid interest. The only exception I can think of is the Amex cash cards where you have to pay off in full mothly.
- consumer451 4y agoApple Card Credit at the Apple store does not work like this, neither does Amazon's Chase card. Their suggested auto payments pay everything off with 0% afaik. This is all US info I have.
- soared 4y agoFidelity has the option to pay like $50/month but their UI is clear that isn’t the full amount.
- kube-system 4y ago> The only exception I can think of is the Amex cash cards where you have to pay off in full mothly. Those aren't an exception -- they just aren't credit cards at all. They're charge cards.
- spockz 4y agoIn the Netherlands all bank issued credit cards (visa or Mastercard) require paying it off every month. The balance is just deducted from the attached bank account and if that has insufficient funds you will incur the penalty there. At least it is very visible.