Understanding 0% APR with Equal Payments - Video

Transcript: Understanding 0% APR with Equal Payments Video

SFX: Music track

[Voice over]: Every now and then I’ve used special financing to cover a big purchase.

[On-screen text]: Understanding 0% APR with Equal Payments

[Voice over]: Taking advantage of a credit card that offered 0% APR financing made sense.

[On-screen text] 0% APR with Equal Payments

[On-screen]: Applied Approved Purchased

[Voice over]: I’ve applied, been approved, and completed my purchase on the same day, plus the payment options were surprisingly reasonable.

[Voice over]: Not only did I get the credit that I needed to make the purchase, but I could avoid borrowing costs by sticking to the payment schedule.

[Voice over]: First, I had to make sure I could afford the monthly payments.

[On-screen]: $3,600 0% APR with Equal Payments

[Voice over]: By taking the amount I wanted to borrow, 36-Hundred-Dollars, and dividing it by the number of months in the promotional period...

[On screen] $3,600 ÷ 36 months $100 Monthly Payment

[Voice over]: - ... in my case, 36 months -- meant that my monthly payment would be $100. An amount I could afford, so I applied.

[Voice over]: Once you commit, you must make your minimum monthly payment every month until the balance is 100% repaid. Keep in mind that you can pay off your balance at any time without penalty.

[On-screen] $3,600 balance 0% APR with equal payments Available credit: $1,400

[Voice over]: 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.

[Voice over]: What happens if you don't make at least your minimum payment on time?

[Voice over]: If you pay late or fail to make your minimum payment...

[On-screen]: Monthly Payment $100 Late Fees ( Example) $29

[Voice over]: ... you will get charged a late fee. Plus the regular interest rate will be charged on any late fee that’s not paid by the next payment due date.

[Voice over]: So make sure you pay both the minimum amount due and any fees that are due on the account.

[On-screen]: Monthly Payment $100 Late Fees (Example) $29

Current Obligation $129

[Voice over]: Take away: Make at least your minimum payment on time every time to avoid a late fee.

[Voice over]: 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.

[Voice over]: Use your billing statements to check your progress and avoid surprises.

[Voice over]: 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.

[Voice over]: When making financial decisions, it’s always good to be informed. Thank you for making time to learn how a 0% APR promotion works.

[On-screen text]: wellsfargo.com/cardholders © 2021 Wells Fargo Bank N.A. All rights reserved.

[On-screen text]:


Special Rate. A special rate of 0% APR may be advertised as a “no interest” special terms promotion. Key attributes of this plan include the following: The 0% APR will apply on the purchase balance from the date of the original transaction until the purchase balance is paid in full.

Payment in Full/Equal Payments. The payment will be the amount required to pay the initial purchase balance shown on the Cardholder’s monthly billing statement in full during the special terms period. Because of rounding, the final payment could be less than other payments.