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I have been carrying a promotional 0% APR for 15 months supercheck balance on a major bank credit card for several months. This has been the only balance on the account, the last purchases I made were much earlier in the year and were PIF completely. Logically, I haven't incurred interest while carrying the promotional balance and I always paid more than the minimum payment each month.
Two weeks ago, I made a purchase halfway through my statement cycle. I wanted to pay the purchase off, but my belief is that doing so would first go towards the billed promotional balance BEFORE applying to the unbilled purchase. So I was planning to PIF the purchase as soon as it showed up on my statement which just closed.
Confusingly, I was charged interest on the purchase from two weeks ago. This is the only purchase I've made. It's as if carrying a 0% APR promotional balance elminates the minimum 21 day grace period recieved on purchases. Is there some rational explanation for this situation or could this be something illegal?
A BT dilemma may be of interest to you, so to speak.
Anything above the minimum payment is applied highest to lowest interest.