topic Re: Multiple Balance Transfers in Credit Cards

Multiple Balance Transfers

McNugget — Wed, 15 Jan 2020 01:22:11 GMT

I utilized a 0% APR balance transfer from Chase that is set to expire in June 2020. I received another 0% APR balance transfer offer that I'd like to use, 0% until March 2021.

How will Chase apply my payments if I accept the new offer? Will my full payment apply to the June expiration until I pay off that remaining amount?

Re: Multiple Balance Transfers

mikesonthemend — Wed, 15 Jan 2020 02:08:02 GMT

@McNugget wrote:
I utilized a 0% APR balance transfer from Chase that is set to expire in June 2020. I received another 0% APR balance transfer offer that I'd like to use, 0% until March 2021.

How will Chase apply my payments if I accept the new offer? Will my full payment apply to the June expiration until I pay off that remaining amount?

Assume you mean the new offer is from Chase on the same card. Correct?

Re: Multiple Balance Transfers

McNugget — Wed, 15 Jan 2020 02:18:42 GMT

@mikesonthemend wrote:
Assume you mean the new offer is from Chase on the same card. Correct?

Oops. Yes. Yes it is.

I might just pay the card off prior to doing the transfer. Then no worries.

Re: Multiple Balance Transfers

mikesonthemend — Wed, 15 Jan 2020 02:27:53 GMT

@McNugget wrote:
@mikesonthemend wrote:
Assume you mean the new offer is from Chase on the same card. Correct?
Oops. Yes. Yes it is.

I might just pay the card off prior to doing the transfer. Then no worries.

They must really value you as a customer. Congrats!

Re: Multiple Balance Transfers

AllZero — Wed, 15 Jan 2020 02:31:13 GMT

Congratulations on your offer!

Re: Multiple Balance Transfers

tcbofade — Wed, 15 Jan 2020 10:34:03 GMT

@McNugget wrote:
I utilized a 0% APR balance transfer from Chase that is set to expire in June 2020. I received another 0% APR balance transfer offer that I'd like to use, 0% until March 2021.

How will Chase apply my payments if I accept the new offer? Will my full payment apply to the June expiration until I pay off that remaining amount?

Good morning. Yes. DW and I have been through this a few times, and I was able to research this morning on her Slate account that has multiple BTs on it.

Full payment is applied to the balance with the nearest expiration date.

Re: Multiple Balance Transfers

K-in-Boston — Wed, 15 Jan 2020 12:39:56 GMT

@tcbofade wrote:
@McNugget wrote:
I utilized a 0% APR balance transfer from Chase that is set to expire in June 2020. I received another 0% APR balance transfer offer that I'd like to use, 0% until March 2021.

How will Chase apply my payments if I accept the new offer? Will my full payment apply to the June expiration until I pay off that remaining amount?
Good morning. Yes. DW and I have been through this a few times, and I was able to research this morning on her Slate account that has multiple BTs on it.

Full payment is applied to the balance with the nearest expiration date.

+1 from experience. The only time that changes is when you have offers at two (or more) different APRs, including new charges at your standard purchase APR. Say you have two $2500 transfers, minimum payment is $75, and you make a $300 payment.

If both are 0%, the full $300 is applied to the BT ending first.

If one is 0% and the other is 1.99%, the minimum payment of $75 will be applied to the 0% offer, and the remaining $225 will be applied to the 1.99% balance by law (The CARD Act requires that any payment above the minimum payment be applied to a balances with the highest APR first), regardless of promotional ending dates.

Now let's say you had one at 0%, one at 1.99%, and you also made $100 in purchases with no grace period at 23.99% APR that accrued $2 in interest. The first $75 would be applied to the 0% balance, the next $102 would be applied to the new purchases and interest, and the last $123 would be applied to your 1.99% balance.

Re: Multiple Balance Transfers

Anonymous — Wed, 15 Jan 2020 19:53:48 GMT

Thanks KiB, that was some really detailed and useful info!

I would have likely suggested to just pay off the 1st BT before starting another, only because of how complicated it is.

Ever since I did one BT with Chase on my CSP, they've been constantly offering me offers for more. Truthfully I only did it to keep the CSP active as it has become less used when I got the Amex Gold. And it's one of my highest CLs, so util would be very low too.

But I hesitate to put more than one BT on a Chase card, along with my FU balance getting 0% promo. I'm not completely comfortable carring a balance(s) with them TBH. The CSP will be paid off in 4 months, 5 for FU. Then I plan to give them a break and go back to PIF.

Re: Multiple Balance Transfers

McNugget — Thu, 16 Jan 2020 00:08:36 GMT

Thank you, all!