I initiated a balance transfer with Navy Federal to pay my SDFCU card for $4000 on 9Jan2013. I only did this because I don't currently use my NFCU card for anything and they are currently offering a 0% interest for 12 months with no fees BT promotion. NFCU states on the website that this could possibly take up to 10 days, which would be after my credit card due date on 15Jan2013. If this hasn't gone through by the night of 14Jan, I plan on using the online SDFCU service to pay my statement balance (around $3000) in full in order to avoid interest charges.
My question is if I pay the statement balance and then, a few days later, SDFCU gets a payment from NFCU which is around $3000 more than my credit card's current balance, will they accept it?
What if I only pay the minimum due before the due date and then a few days later they get the NFCU balance transfer? Will I get charged a boatload of interest fees? Has anyone ever tried asking a bank to extend the grace period?
Any advice is appreciated.
EX:694 TU:744 EQ:777
SDFCU will accept the payment and will credit your account
I would just pay the minimum on your SDFCU and let then get credit the minimum payment once the BT is complete.
I did the bank transfer on the 5th and it finally posted to NFCU and the GE account I paid off today. If I were you I would just pay the minimum.
100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
I have never been charged interest on that card though, since I always pay the statement balance in full. If I pay the minimum, and then the full balance gets paid a few days after the due date, doesn't this mean I will get charged interest for the whole $3000 statement balance?
Yes you will get charged the interest if it expires on that date.... Most BT's take up to 2 weeks. If I were you I wouldnt play the what if game call your CC and see if they will reimburse you by check for any credits. Most companies offer to reimburse.
@visorboy1974 wrote:
@DaveSignal wrote:I have never been charged interest on that card though, since I always pay the statement balance in full. If I pay the minimum, and then the full balance gets paid a few days after the due date, doesn't this mean I will get charged interest for the whole $3000 statement balance?
You'll get charged interest on the whole $3000 minus the min payment. However, you'll likely have another hassle getting the BT money mailed back to you in the form of a check, and will need to wait a few days to get that returned to you.
The card is only 6.99%APR, but 6.99% of $3000 is about $210, which seems like a decent amount of money to pay for no good reason other than I wanted to try out the NFCU BT and pay it a little more slowly. I think I will try to talk to SDFCU and see if they will make a deal.... possibly I can get the due date changed or get them to waive the interest charge.
@DaveSignal wrote:
@visorboy1974 wrote:
@DaveSignal wrote:I have never been charged interest on that card though, since I always pay the statement balance in full. If I pay the minimum, and then the full balance gets paid a few days after the due date, doesn't this mean I will get charged interest for the whole $3000 statement balance?
You'll get charged interest on the whole $3000 minus the min payment. However, you'll likely have another hassle getting the BT money mailed back to you in the form of a check, and will need to wait a few days to get that returned to you.
The card is only 6.99%APR, but 6.99% of $3000 is about $210, which seems like a decent amount of money to pay for no good reason other than I wanted to try out the NFCU BT and pay it a little more slowly. I think I will try to talk to SDFCU and see if they will make a deal.... possibly I can get the due date changed or get them to waive the interest charge.
You will pay $17.48 interest, not $210.
