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So while managing the herds last night my DW realized that she did a BT last year to Citi Simplicity for 8K........still owes 1K and BT period expires next month. If there is a balance left on the BT after the 0% period expires will she be charged retroactive interest on the entire BT amount or does she just start paying interest on the remaining 1K. We have been looking at getting a new 0% card and to another BT or should I just pay the 1K and forget it. Would getting a new card just for BT be frowned upon or do creditors care? DW EQ is above 800 Fico and wants to keep it there.
That would depend on the fine print of the given promotional balance transfer or convenience check.
just browsing her offers and it seems the Cap 1 prestige platinum has the best BT offer and for future purchases interest rates; funny I would have thought the Venture or QS would have been better. My DW is just not into rewards........yet. Similar to the conservative lenders......she is a conservative borrower
I've never seen that with Citi and have done BT on DP and TY Preferred. But I did read that there was a change to Lowe's that that will now be the case.
@ecxpa wrote:So while managing the herds last night my DW realized that she did a BT last year to Citi Simplicity for 8K........still owes 1K and BT period expires next month. If there is a balance left on the BT after the 0% period expires will she be charged retroactive interest on the entire BT amount or does she just start paying interest on the remaining 1K. We have been looking at getting a new 0% card and to another BT or should I just pay the 1K and forget it. Would getting a new card just for BT be frowned upon or do creditors care? DW EQ is above 800 Fico and wants to keep it there.
I have never heard of or experienced Citibank retroactively charging interest on their main credit cards, such as the Citi Simplicity. Deferred interest is typically offered on retail/store credit cards. I know Citi's DSNB branch (Macy's and a few other stores), and probably the Best buy and Home Depot cards, charge retroactive interest on purchases if they are not paid of by the end of the promotion period. I don't think very many banks engage in that kind of financing on their standard product line.
To answer your next question, I don't think creditors care if you BT as long as you aren't reshuffling the same debt to and from cards with minimum payments. I would suggest just paying off the 1k as soon as you can. There will likely be a fee for a BT around 3-5%.
so which card do you all think will be best to use in case we decide on doing a BT, DW has offers for the Venture, QS, and Platinum Prestige.........the Platinum Prestige looked best to me with lower APR or 10.6 for future extended purchases.
@ecxpa wrote:so which card do you all think will be best to use in case we decide on doing a BT, DW has offers for the Venture, QS, and Platinum Prestige.........the Platinum Prestige looked best to me with lower APR or 10.6 for future extended purchases.
Chase Slate. No BT fee the first 60 days of account opening and free EX fico score.
Hmmm.....need to check Chase prequal......forgot about that one
No Chase prequalify