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Difficult statement balance question for the knowledgeable

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Anonymous
Not applicable

Difficult statement balance question for the knowledgeable

Heres the plot:

 

I have a balance transfer of $1000 dollars at 0% promo for 12 months on my BofA 1-2-3 Rewards card. I have auto pay set up to pay $100 on due date for 10 months.

 

The problem is there was a really good offer on the same card for 15% at autozone and I actually needed a powersteering pump that went out on my brothers truck so I used it. problem is I didn't realize it was on the last few days of a statement segment, I paid the total amount for all the parts on that statement but now every month I get a interest charge for about a $1.50 for revolving balance not within the 0% promo period.

 

So no I'm upset because it seems to me that there is no way to pay out just the balance that has a 23% apr attached to it because they purposely hide it within the BT balance...

 

if there is anyway to avoid this from happening please enlighten me, I'm so close to just paying the whole thing off this month, I absolutely despise paying interest.

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Difficult statement balance question for the knowledgeable

With the exception of Barclays and CapOne, you never want to use your card for a regular charge after taking advantage of a balance transfer or else exactly what is happening to you will occur. About the only way to avoid any interest now is to pay off the entire balance.  

Message 2 of 9
CreditInspired
Community Leader
Super Contributor

Re: Difficult statement balance question for the knowledgeable

I found this on credit cards.com. I'm sure others will chime in.

Here's the bottom line: To assure that your purchase is paid in full and does not accrue any interest, you will need to make a payment that totals the amount of your purchase plus the minimum amount due. Use a minimum payment calculator to figure out what your minimum payment should be, and call your issuer to make sure you're doing the math right, because credit card minimum payment formulas vary.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 3 of 9
Anonymous
Not applicable

Re: Difficult statement balance question for the knowledgeable

Might be worth a call to BoA? Don't know that they'd help you out any, but if you claim ignorance, or that you THOUGHT you were doing to correctly, maybe they'll work with you? 

 

It comes down to the the way the payment is allocated. On my AMZ store card, I set the allocation to pay off current charges first, then zero percent balances ... it makes the bookkeeping a little difficult at times on my end, but so far so good. Does BoA not allow you to set the allocation as you want? 

Message 4 of 9
HeavenOhio
Senior Contributor

Re: Difficult statement balance question for the knowledgeable


@Anonymous wrote:

With the exception of Barclays and CapOne, you never want to use your card for a regular charge after taking advantage of a balance transfer or else exactly what is happening to you will occur. About the only way to avoid any interest now is to pay off the entire balance.  


The other time you can do this is when you have a card that offers 0% for both balance transfers and purchases.

 

Otherwise, yeah, new charges will kick in interest unless one of the above exeptions apply.

Message 5 of 9
Anonymous
Not applicable

Re: Difficult statement balance question for the knowledgeable


@HeavenOhio wrote:

@Anonymous wrote:

With the exception of Barclays and CapOne, you never want to use your card for a regular charge after taking advantage of a balance transfer or else exactly what is happening to you will occur. About the only way to avoid any interest now is to pay off the entire balance.  


The other time you can do this is when you have a card that offers 0% for both balance transfers and purchases.

 

Otherwise, yeah, new charges will kick in interest unless one of the above exeptions apply.


Good point and thanks for the reminder.

Message 6 of 9
Anonymous
Not applicable

Re: Difficult statement balance question for the knowledgeable

Well that's what I feared it would be, looks like I'll just have to pay it off, luckily its not an outrageous balance.

Message 7 of 9
CreditInspired
Community Leader
Super Contributor

Re: Difficult statement balance question for the knowledgeable

I have a BT on one card, CitiDC, and that card is SD. I don't even want to make a mistake or be tempted to put a purchase charge on it.


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 8 of 9
AverageJoesCredit
Legendary Contributor

Re: Difficult statement balance question for the knowledgeable

I hear ya Credit inspired, all my BTs are on my BBR, so i havent actually used the card for a regular purchase since like last AugustSmiley Wink No need to complicate my life lol.
Message 9 of 9
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