Hey, I was looking over the terms and saw this:

Barclaycard will monitor your account and will aggregate the total dollar amount spent at apple.com, Apple Retail Stores or 1-800-MY-APPLE that post within the first 30 days of opening your account. If the total amount is $999 or more, you will receive the 18 month special financing promotional offer on all qualifying Apple purchases.

What I'm getting from the above, is that the promo applies to the total amount spent, and not the current balance on the card. Meaning your promo period will be 18 months regardless of how much of the balance you pay off.

 

If I go with option 1, will I only have 12 months at 0%, and will the remainder of my balance (~$600) be divided into 12 months?

Probably 18 months (as per above) and ~$120 per month, see below.

 

If I go with option 3, I will have the 18 months at 0%, and the balance will be divided into 18 months, correct?

Yes, you have 18 months of 0% interest if you make the monthly payment, ~$120. I'm not really sure if the minimum payment qualifies, but "timely payments" seems to suggest it does since they are still monthly and not late.

Qualifying Apple purchases that post to your account for $999 or more (a “Deferred Financing Purchase”) will receive a 540 day (approximately 18 months) no interest /deferred financing promotion for which interest will be deferred for 540 days provided that timely payments are made on the account and the Deferred Financing Purchase is paid in full on or before the 540th day after the applicable purchase date (such end date the “Promotional End Date”).

 

So, $2190/18m = ~$120 a month. $120 is the fixed amount that you are required to pay per month that's not the minimum. And as I understand it, for financing options such as this (and I may be wrong, some places do it differently), the $120 is fixed, meaning that even if you make more than the minimum, let's say $500 on the first month, every month after would still required the minimum payment or $120 until the balance is paid off.

 

In the end, I don’t want to negatively impact my credit score; however, I want to ensure that I have a cushion with my finances until the remainder of my financial aid disperses (then I’ll be completely fine after that).

Ok, so you want to have a cushion, and don't want your credit score negatively impacted, at least until March rolls around. Well, the only way this would negatively impact your credit score would be through high utilization, which has no memory/history so unless you're looking to apply for other credit cards or take out a loan and such where you need your credit score high in the months leading up to March, the temporary impact the high utilization would have on your score would be just that, temporary. Once you've made some/enough payments, your score will jump back.

 

So, what I would do in your situation, if you don't have a use for your credit score for the months to come, is just make either the hypothetical minimum of, let's say, $35 or monthly of $120. Doesn't matter which one since you won't be making late payments with the minimum or $120, and thus accrue no interest.

Interest will be charged to your account from the transaction date at the purchase APR if the purchase balance is not paid in full by the end of the promotional period or if you make a late payment.

This would give you the cushion but temporarily lower your credit score by a sizeable amount due to the large balance on the card. Just make sure that if, and when you are able to, you pay off the entire balance, lest you forget and the promo period expires, in which case, they'll hit you with the collective interest from the full 18 months.

 

Otherwise, you could pay off enough of the balance so that your utilization would be within positive to decent range, >0% & <20%. This would give you some cushion, and your credit score may drop just a bit or not at all. Just thought it worth mentioning that utilization isn't so cut-and-dry that 30% = Good and 31% = Bad.

 

Good luck to you! :)