Do all BBR cards have a minimum interest charge fee on them?

[Anonymous]

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@newhis wrote:

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@rooeez wrote:

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@beautifulblaquepearl wrote:

If you have an open balance transfer on a BoA credit card and then use it for purchases, you will be charged interest no matter how much you pay. 

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^ This. If you have a BT, you are carrying a balance. Any purchases will begin to accrue daily interest.

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Well, it depends. A) how fast you pay the purchase* and B) the lender.

A) after BofA charged me with a $1.50 min interest for a purchase I made, my wife did the same with her card, so I checked every day her card, and as soon as I saw the charge without 'pending/processing' she was able to pay the full purchase (not the full BT) and there was no interest.

B) Cap1 and Sallie Mae (now Commence), say that you can still use it for purchases and to not get interest you must pay the amount they say in the statement (not the minimum, but another amount they say you need to pay). DW used the Sallie Mae (February) and got a BT on it for 1% fee before the statement close in March. The amount she purchased was around $200. Her statement closed and it say that the min payment is $37 and there is a paragraph that say: "you can avoid paying interest on your Purchases by paying $ 200.00 (this amount includes any Minimum Payment Due required to avoid a late fee)"

*This was just with BofA, I don't know if all lenders do the same thing or they start calculating interest even if the purchase is 'pending'

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I knew Cap1 broke down the different types of payments to help it's CHs avoid paying interest. However, I didn't know Commence did it too. Thanks for the share newhis. 

[Anonymous]

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@rooeez wrote:

@newhis wrote:

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@rooeez wrote:

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@beautifulblaquepearl wrote:

If you have an open balance transfer on a BoA credit card and then use it for purchases, you will be charged interest no matter how much you pay. 

---

^ This. If you have a BT, you are carrying a balance. Any purchases will begin to accrue daily interest.

---

Well, it depends. A) how fast you pay the purchase* and B) the lender.

A) after BofA charged me with a $1.50 min interest for a purchase I made, my wife did the same with her card, so I checked every day her card, and as soon as I saw the charge without 'pending/processing' she was able to pay the full purchase (not the full BT) and there was no interest.

B) Cap1 and Sallie Mae (now Commence), say that you can still use it for purchases and to not get interest you must pay the amount they say in the statement (not the minimum, but another amount they say you need to pay). DW used the Sallie Mae (February) and got a BT on it for 1% fee before the statement close in March. The amount she purchased was around $200. Her statement closed and it say that the min payment is $37 and there is a paragraph that say: "you can avoid paying interest on your Purchases by paying $ 200.00 (this amount includes any Minimum Payment Due required to avoid a late fee)"

*This was just with BofA, I don't know if all lenders do the same thing or they start calculating interest even if the purchase is 'pending'

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Good to know. Obviously, people should check their term and conditions. My BBR card says that it will charge interest on purchases, not the BT. I know that I'm not going to track purchases that closely to not get charged interest, so I'd say it's good practice to not use a BT card for purchases if you have the option.

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Me either so I keep my BTs and purchases separate too.

[Anonymous]

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@rooeez wrote:

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@beautifulblaquepearl wrote:

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@rooeez wrote:

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@beautifulblaquepearl wrote:

If you have an open balance transfer on a BoA credit card and then use it for purchases, you will be charged interest no matter how much you pay. 

---

^ This. If you have a BT, you are carrying a balance. Any purchases will begin to accrue daily interest.

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We are saying the same thing rooeez. I didn't think I needed to diffrentiate between the BT and purchases. I assumed folks would know I was talking about accruing interest on the purchases, not the BT. 

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Yes, I was agreeing with you and speaking to the OP.

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Thanks!

[newhis]

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@beautifulblaquepearl wrote:

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@rooeez wrote:
 

Good to know. Obviously, people should check their term and conditions. My BBR card says that it will charge interest on purchases, not the BT. I know that I'm not going to track purchases that closely to not get charged interest, so I'd say it's good practice to not use a BT card for purchases if you have the option.

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Me either so I keep my BTs and purchases separate too.

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I think that's the best practice.