Jeez that's a $&@$ good offer! I almost want to apply for one of their cards now 
@UncleB wrote:
@Namaste7 wrote:
@LP007 wrote: Activate your Low APR for Balance Transfers0.00% promotional APR until Jul 2023 on transfers made by Jan 24, 2022After that, 20.24% a variable APR based on the U.S. Prime Rate The transaction fee for balance transfers is 3% (Min. $10.00).I received a similiar BT/Cash Advance offer on both CCR cards, except the promo APR period expires Apr 2023.
I want to take advantage of this offer on CCR #1, but I'm using a 5.99% promo purchase APR offer. If I PIF in December and January, will that terminate the residual interest trail and allow me to utilize the BT offer without issue? Note, the January statement period would close before the offer expires.
Paging @Aim_High and @UncleB for their thoughts, but I welcome others perspective.
In the past when I've "switched cards" all I've done is make sure the card I'm about to use for the promo is at $0, sometimes even for just a day or two, and I've had no issues. I was previously paying in full on the card anyway, though.
In your case you should still be fine. Since you're carrying a balance you might see residual interest on the 5.99% purchase balance the following month, but after that there should be no further interest (assuming you don't continue to make new purchases, of course).
For what it's worth, each time one of my BoA offers "expire," a new one comes along right behind it. Of course I can't guarantee this will happen, but they aren't like NFCU where the offers only come along once or twice each year. Actually, my offers are consistent enough that if it's time to 're-up' I sometime wait if the current offer is close to expiring, knowing another offer will be there (and with a later promo period).
@UncleB beat me to the punch, but I agree with his comments, @Namaste7.
In general, when paying down a balance and accounting for trailing interest, you want to idle the card for new charges for about 30-60 days and continue to pay-in-full. With today's ability to check balances in real-time, it's possible to monitor and pay them off more quickly than we used to when we just had paper statements. I have sometimes estimated the trailing charges to try to pay them off more quickly when making a payment. For example, statement balance posted $1K balance. Since the statement cut, 12 days have passed and I'm making an online payment to pay off the account. If I used your 5.99% APR as an example, 0.0599 divided by 365 gives me an approximate daily rate of 0.00016411. Multiple that 12 (days) gives me 0.00196932. And multiple that by the last statement balance of $1,000 gives me an approximate interest charge of $1.9693... or rounded up to $1.97. I would add that to my last payment (or maybe even up to an even $2 or a little more) and should see a $0 balance or a slight credit when the statement cuts.
If you do the above method, you would probably be safe using the balance transfer within a couple of days since it will probably take another couple of days or more to post. Just make sure there aren't any pending charges left over to bite you!
Like Uncle B, I've often kept perennial BT offers on some of my cards. The offer doesn't change except for the expiration dates. For example, the dates are based on approximately 12, 15, 18, or 24 months from the current month. If you keep checking, you may see the offer renewed with slightly later dates.
@Aim_High wrote:
@UncleB wrote:
@Namaste7 wrote:
@LP007 wrote: Activate your Low APR for Balance Transfers0.00% promotional APR until Jul 2023 on transfers made by Jan 24, 2022After that, 20.24% a variable APR based on the U.S. Prime Rate The transaction fee for balance transfers is 3% (Min. $10.00).I received a similiar BT/Cash Advance offer on both CCR cards, except the promo APR period expires Apr 2023.
I want to take advantage of this offer on CCR #1, but I'm using a 5.99% promo purchase APR offer. If I PIF in December and January, will that terminate the residual interest trail and allow me to utilize the BT offer without issue? Note, the January statement period would close before the offer expires.
Paging @Aim_High and @UncleB for their thoughts, but I welcome others perspective.
In the past when I've "switched cards" all I've done is make sure the card I'm about to use for the promo is at $0, sometimes even for just a day or two, and I've had no issues. I was previously paying in full on the card anyway, though.
In your case you should still be fine. Since you're carrying a balance you might see residual interest on the 5.99% purchase balance the following month, but after that there should be no further interest (assuming you don't continue to make new purchases, of course).
For what it's worth, each time one of my BoA offers "expire," a new one comes along right behind it. Of course I can't guarantee this will happen, but they aren't like NFCU where the offers only come along once or twice each year. Actually, my offers are consistent enough that if it's time to 're-up' I sometime wait if the current offer is close to expiring, knowing another offer will be there (and with a later promo period).
@UncleB beat me to the punch, but I agree with his comments, @Namaste7.
In general, when paying down a balance and accounting for trailing interest, you want to idle the card for new charges for about 30-60 days and continue to pay-in-full. With today's ability to check balances in real-time, it's possible to monitor and pay them off more quickly than we used to when we just had paper statements. I have sometimes estimated the trailing charges to try to pay them off more quickly when making a payment. For example, statement balance posted $1K balance. Since the statement cut, 12 days have passed and I'm making an online payment to pay off the account. If I used your 5.99% APR as an example, 0.0599 divided by 365 gives me an approximate daily rate of 0.00016411. Multiple that 12 (days) gives me 0.00196932. And multiple that by the last statement balance of $1,000 gives me an approximate interest charge of $1.9693... or rounded up to $1.97. I would add that to my last payment (or maybe even up to an even $2 or a little more) and should see a $0 balance or a slight credit when the statement cuts.
If you do the above method, you would probably be safe using the balance transfer within a couple of days since it will probably take another couple of days or more to post. Just make sure there aren't any pending charges left over to bite you!
Like Uncle B, I've often kept perennial BT offers on some of my cards. The offer doesn't change except for the expiration dates. For example, the dates are based on approximately 12, 15, 18, or 24 months from the current month. If you keep checking, you may see the offer renewed with slightly later dates.
*Trailing interest*
You got that right; I saw it bite me on my last BoA statement eventhough I paid total balance, $18.14 of interest showed up when my statement cut. DOH!
But, spoken like a true 850 master. I may have been a true 850 master, save my 1992 & 2011 BK7s.
Amx never seems to let me forget by the stamp 'Member Since 88' plastered on my new cards, eventhough there was a 27 year gap of me holding an Amx card.
