Zero Interest Financing is an incentive offered to retailers who wish to sell products that would otherwise be out of reach for most consumers.
These offers are usually limited to short periods, such as six to twelve months.
Customers often underestimate the long-term value of such purchases, not realizing that their interest rate may increase significantly after the end of the promotional period.
American Express cards are issued by American Express, a publicly traded financial services company, and are payment cards, credit cards, or prepaid cards.
The average outstanding balance refers to the unpaid portion of any term, installment, revolving or credit card debt that earns interest over a specified period of time.
The minimum monthly payment is the smallest amount of money a borrower can pay on a revolving credit account each month and still be in good standing with the credit card company.
The annual interest rate on a credit card is the annual interest rate that is applied monthly, i.e. the monthly amount charged on the account is one twelfth of the annual annual interest rate.