Understanding Deferred Interest Financing Plans.
Deferred Interest Financing is a type of financing plan that lets you pay for your purchases over time and avoid being charged interest. In order to avoid being charged interest, you must pay off the full purchase balance within the stated time period.
This promotional financing offer is typically advertised as special financing, promotional financing or “No Interest If Paid In Full Within X Months”, where X is the number of months in the promotional period.
How it works
With deferred interest financing, interest starts from the day you made your purchase. It is then calculated at the standard purchase APR and set aside, or deferred, until the end of the promotional period.
During the promotional period, the accrued deferred interest can be viewed on your billing statement.
Your statement will also include:
- the initial purchase date,
- the date the promotional period ends, and
- any outstanding promotional balance.
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Frequently Asked Questions
Payments
Yes. Minimum payments will not pay off the balance in time. You must make larger payments to avoid the interest. Here's a sample comparison of minimum monthly payments versus larger payments.
Keep in mind, your minimum payment may include amounts owed for other balances.
Cardholder Repayment Examples: $1,800 total purchase price**
Promo Type: No Interest if Paid in Full within 6 Months
No. Generally, we first apply the amount over and above your minimum monthly payment to higher interest balances and older balances.
- During the last two months of the promotional period, we apply any amount over and above your minimum monthly payment to the deferred interest balance.
- You have the option to re-direct the excess amount to deferred interest balances. To do so, call us at the number on your account statement.
It’s easy. We offer three convenient ways to pay your monthly bill.
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Online
Visit myonlineaccount.net to make a one‑time payment or set up automatic payments.
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By Phone
Call the phone number shown on your statement or on the back of your credit card.
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By Mail
Department of Accounts
P.O. Box 100114 Columbia, SC 29202-3114
Please allow 7 days for your payment to reach us.
Balance Information
Your Promotion Expiration Date can be found on your monthly billing statement in the “Summary of Promotional and Standard Balances.”
You can also login to your account at myonlineaccount.net to see your Promotion Expiration Date.
Interest starts from the day you made the purchase. We calculate this interest at the standard Purchase APR. But, we defer — or set aside — this interest. We defer it until the end of the promotional period.
During the promotional period, the “deferred” interest grows — or accrues. We show the accrued interest on your billing statement. Your statement also shows:
- the initial purchase date,
- the date the promotional period ends, and
- any outstanding promotional balance.
To avoid the interest, you must repay the full purchase balance before the promotional period ends. You need to make more than your minimum payments to do this. You also need to consider other balances. They affect how your payments are applied.
Minimum Payments. You are required to pay at least your minimum payment each month. But, minimum payments will not pay off a deferred interest balance before the promotional period ends. You must make larger payments to avoid the interest.
Other Balances. We first apply your payments to the minimum payments due for all balances. The portion of any payment that is larger than your minimum payment is an excess payment.
Generally, we first apply the excess payment to higher interest balances. This is different during the last two months of the deferred interest promotional period. In those two months, we first apply the excess payment to the deferred interest balance.
Purchases
Yes. You can make purchases up to your available credit limit.
But remember, other balances affect how your payments are applied. We first apply your payments to the minimum payments due for all balances. The portion of any payment that is larger than your minimum payment is an excess payment.
Generally, we first apply the excess payment to higher interest balances. This is different during the last two months of the deferred interest promotional period. In those two months, we first apply the excess payment to the deferred interest balance.
Statements
Your billing statement is designed to put all the information you need at your fingertips. You can quickly review transactions, see your payment information and view all the details of your promotional purchases — whether you receive paper or paperless statements. Information about your Deferred Interest promotion is found on your statement under “Summary of Promotional and Standard Balances.”
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Minimum Payment Due
Make at least the minimum payment due each month by the due date shown.
Remember: Minimum payments will not pay off a deferred interest balance before the promotional period ends. You must make larger payments to avoid the interest.
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Transactions
Summary of your payments and any recent transactions.
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Summary of Promotional and Standard Balances
An overview of your promotional purchases.
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Initial Purchase Date
When you made the purchase. Interest accrues from this date.
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Promotion Expiration Date
Pay your promotional balance in full by this date to avoid being charged accrued Interest.
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Accrued Interest
Interest accrued to date based on your Standard APR.
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Interest Charged
If you don't pay your promotional balance in full by the promotional expiration date, your interest charges will be shown here.
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Outstanding Balance
The remaining amount you need to pay in order to pay off your promotional balance.
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Minimum Payment Due
The minimum amount you need to pay by your due date. Paying only the minimum payment will not pay off the balance in time.
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Interest Charge Calculation
Shows the APR of the interest being accrued on the deferred promotional balance. The accrued interest will not be added to your balance if you pay off the purchase before the Promotion Expiration Date.
There are two ways you may receive your monthly billing statement.
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Online
Enroll in paperless statements or view your statement any time at myonlineaccount.net
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By Mail
You will receive a paper statement in the mail every month unless you enroll in paperless statements.
