I was wondering if a one-time fixed installment fee and monthly processing fee on a credit card’s 0% plan is actually still interest?
Their cardmember agreement:
“Interest is not charged on qualifying Purchases as long as they continue to be part of an Installment Plan. Instead, we will charge a one-time fixed installment fee and a monthly processing fee of 0.475% of the Purchase amount per Installment Plan as set out in the Disclosure Statement. For example, if you make a Purchase of $1000 and the fixed installment fee is 7%, your fee amount will be $70, charged on your first monthly statement. You will also be charged a monthly processing fee of 0.475% of the Purchase amount each month. In the case of a $1,000 Purchase, the monthly processing fee will be $4.75”