Annual Fee & Balance Transfers

[Anonymous]

I'm not sure if you were given outdated information, but the CARD act specifically prohibits these practices. Anything above the minimum required payment goes to the highest interest balances first. 

This is an old card first created 15 years ago, maybe that made the difference?  It is a United MileagePlus® card, maybe they have a different card contract?

I initially paid for both the min and the amount of the extra charge, still there was purchase interest being charged.  I called up and asked why, that was what they told me.

Since the total interest amount for 2015 was about 30 cents, and the total amount for 2016 was 2.89, I didn't bother investigating any further, I just avoided using that card for new purchases, tbough a few minor ones went on there, I paid the min until I paid it all off at one time.

Since I have paid off the card balance, it is at zero. This is a card with a $60 annual fee, I will likely get rid of the card when it comes up for renewal, though chase will likley offer up a substitute or maybe wave the fee, but I don't care, if they offer a sub or wave the fee, OK, if not, OK also.

At this point, it's moot to me, but I would check if I were doing another card transfer.  Though I avoid them now becasue they usually charge a 3-5% upfront fee, though I have a commerce visa card that didn't charge a fee for balance transfer and had zero interrest, which you don't see that often.  I think slate card also does that.

[newhis]

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@Anonymous wrote:

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@Anonymous wrote:

Interesting question.

My experience with chase has been there is no way to avoid paying interest on the new charges, and fees are likely included.  It isn't much, since it is charged only on the new charge.  Annoying, but that was the way it was.

I speifically asked that question, and they said there would be no way to avoid interest payments, though this was on a small charge of $10.

This was the same policy on all balance transfer cards offers I had used.  I believe discover said I could set it up different, though I never used them.

The exceptino of course is those cards that have both a balance transfer offer and zeor interest on new charges for a period of time.

ONE way I avoided the typical balance transder fee was to charge high bills like home owners insurance / auto insuruace to a zero interest card rather than pay cask and just save the cash or use it to pay down a zero interest card where the time left for zero interest was going to expire soon.

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I'm not sure if you were given outdated information, but the CARD act specifically prohibits these practices. Anything above the minimum required payment goes to the highest interest balances first. 

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The thing is that the Statement doesn't start from a previous PIF, so the computer will start calculating interest on any fee/purchase until that is paid.

I was able to avoid any interest on a BT card when I made a purchas by paying for the purchase the same day it posted on the card. If I waited BofA will have charged interest.

I have a BT offer from Cap1, they want me to keep using the card, so they explicity say that even if I have a BT I can avoid interest by PIF the purchases I made during the month and the min BT payment. I haven't done this, but they say they put the exact amount to avoid interest.

[Anonymous]

Slate will do it fee free for the first 60 of a new account.

[Anonymous]

Oops, 60 days.

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