Open the debt from your Account List and go to the Settings tab on its Debt Details page. Under Promotional & Deferred Interest:
- Turn on This account has a promotional interest rate.
- Enter the Promo Rate (%), for example 0.
- Choose the month and year under Promo Expires.
- Click Save Promo Settings.
Undebt.it uses the promo rate until it expires and your regular interest rate after that, so keep the account's regular rate filled in with the real rate. You don't need to turn the promo off when it ends. Don't enter a made-up high rate to push a debt to the front of your plan: once the promo ends, the plan charges that rate and your projections stop matching your statements.
The promo rate applies to the whole balance of the account. Support for more than one rate on a single account is planned.
Deferred-interest accounts
A deferred-interest account is one where you owe all the interest that built up during the promotion if you don't pay the balance off in full by the end. Stores often sell furniture and appliances this way as zero percent interest for a year, and the rate behind the offer is usually very high.
Turn on This is a deferred-interest account and Undebt.it puts the account at the top of your payoff order, so your extra payments go there first. This is different from a deferred loan, where payments haven't started yet; for that, see I have a student loan that's not due for another six months.
Paying a promo balance off before the offer ends
Undebt.it+ members can set a pay-off date on the account instead. Your plan then pays it a steady amount each month so it's paid off in time, and the rest of your snowball keeps working on your other debts. If the account is marked as deferred interest, the date picker fills in the month before the promotion ends, so you finish with a month to spare. See How do I pay off a debt by a certain date?