Understanding Special Rate Financing - Video
Transcript: Understanding Special Rate Financing
Every now and then, I've used special financing to cover a big purchase.
Taking advantage of a credit card that offered special rate financing made sense.
I've applied, been approved, and completed my purchase on the same day, plus the payment options were surprisingly flexible.
Not only did I get the funds that I needed for my purchase, but I could keep my borrowing costs low by consistently paying on time or paying off the balance early.
By applying, you are agreeing to repay a portion of what was borrowed every month with interest, until it's paid off.
Paying more than the minimum every month can help you pay off the balance faster.
And you can pay the remaining balance in full, anytime you'd like.
Signing up for automatic payments through Wells Fargo Online can help you avoid missing a payment or paying late.
You can always pay by phone, online, or through the mail.
My credit card came in the mail about a week after being approved and making the purchase.
When my monthly billing statement arrived, it reflected what I had borrowed and the available credit left on my credit line.
What happens if you don't make your monthly payment? You'll be charged with a late fee - which could include interest if not paid by the next payment due date.
So, make sure you pay both the minimum amount due and any fees that are due on the account.
Use your monthly billing statements to assess progress and avoid surprises.
You can continue to use your available credit to make new purchases with your card.
Be sure to ask about current financing promotions available.
Purchases made with your card will be at the regular rate unless special financing terms are available.
When making financial decisions, it's always good to be informed.
Thank you for making time to learn how special rate financing works.