FYI I called the Apple Loc customer service and I found out that the same as cash and 6 month payments only apply to a purchase of a computer and that if you do a balance transfer or direct deposit, the finance charges accrue immediately and the payments are due upon the first billing cycle. I closed mine because of their outrageous interest rates and that little catch. I merged the account with my Plat Plus which is now at $20000 and at 0% and 9.9 got to, they are not getting me on this one. I am suggesting you think clearly before you using that account for other than a purchase of the computer. Cypri
Thanks Cypri I knew there was a reason I didn't try for that, the whole procedure seemed to good to be true.
MBNA will specifically state, no matter what you buy from the apple site, computer, floppy disk, you'll get the intro rate. However, a cash advance will not..
No problem bailey! Their rates are usurious ! I have been looking up on that issue and found that any interest rate above 18% for Balances under 500,000 is usurious in the state of Florida and I am curious because MBNA is headquartered in Boca Raton, FL and I am going to find out how they are allowed to charge those unbelievable rates for those LOC! Because if they are in violation of FLA law they would have to forfeit those interest payments. I would also suggest others in their state to look up similar laws. Cypri
Cypri, Thanks for the warning. I got the loan because I wanted to purchase the computer and wanted 0% interest for six months. Ron.
I did a search on "usury state law" and found this link: http://www.lectlaw.com/files/ban02.htm First point of "interest" in this article is that federally chartered banks (National Bank, N.A., etc.) are exempt from state limits. Let's do more research. -ingenue
