just browsing her offers and it seems the Cap 1 prestige platinum has the best BT offer and for future purchases interest rates; funny I would have thought the Venture or QS would have been better. My DW is just not into rewards........yet. Similar to the conservative lenders......she is a conservative borrower
@ecxpa wrote:So while managing the herds last night my DW realized that she did a BT last year to Citi Simplicity for 8K........still owes 1K and BT period expires next month. If there is a balance left on the BT after the 0% period expires will she be charged retroactive interest on the entire BT amount or does she just start paying interest on the remaining 1K. We have been looking at getting a new 0% card and to another BT or should I just pay the 1K and forget it. Would getting a new card just for BT be frowned upon or do creditors care? DW EQ is above 800 Fico and wants to keep it there.
I have never heard of or experienced Citibank retroactively charging interest on their main credit cards, such as the Citi Simplicity. Deferred interest is typically offered on retail/store credit cards. I know Citi's DSNB branch (Macy's and a few other stores), and probably the Best buy and Home Depot cards, charge retroactive interest on purchases if they are not paid of by the end of the promotion period. I don't think very many banks engage in that kind of financing on their standard product line.
To answer your next question, I don't think creditors care if you BT as long as you aren't reshuffling the same debt to and from cards with minimum payments. I would suggest just paying off the 1k as soon as you can. There will likely be a fee for a BT around 3-5%.
