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I was approved BT for my Citi Double Cash Card, 0% interest for 12 months. Does this mean that I need to stop using this card or regular purchases or I would forfeit the 0% interest? The credit card online banking doesn't make it easy to keep track of my BT so it's hard to keep track of anything if I want to continue using this as a daily card.
Personally, if I do take advantage of a BT offer, I do not use the card for other purchases. You would not lose the 0% interest on the BT if you used it. However, you may be getting hit with finance charges on new purchases.
@Appleman wrote:Personally, if I do take advantage of a BT offer, I do not use the card for other purchases. You would not lose the 0% interest on the BT if you used it. However, you may be getting hit with finance charges on new purchases.
it just depends on the card meaning if the card has a 0% on BT and on purchases. I had a few cards that had both offers
But the Double Cash only have a BT offer.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
My philosophy is never to use a card for both balance transfers and daily purchases.
I fell for this trap once. Silly me for not reading the fine print. I called and yelled at Citi CSR to get those interest credited back.
You cannot use your citi 2x for regular purchase after a BT. Your no interest "grace period" is GONE after BT. if you make regular purchase, you will need to pay EVERYTHING (BT plus purchases) in full the same day of your purchase to avoid any interest.
I would suggest you NOT to use citi 2x BT offer unless you have a 0 belance and will not use the card until you pay the entire BT off.
You're OK if your card offers 0% on both purchases and balance transfers provided that you've paid everything off comfortably before the end of the 0% period. If it's 0% on balance transfers only, don't use the card for purchases.
@Anonymous wrote:I fell for this trap once. Silly me for not reading the fine print. I called and yelled at Citi CSR to get those interest credited back.
You cannot use your citi 2x for regular purchase after a BT. Your no interest "grace period" is GONE after BT. if you make regular purchase, you will need to pay EVERYTHING (BT plus purchases) in full the same day of your purchase to avoid any interest.
I would suggest you NOT to use citi 2x BT offer unless you have a 0 belance and will not use the card until you pay the entire BT off.
You do lose the grace period on new purchases, so using a card with a BT running does have potential extra costs.
It is not true that the BT loses its interest rate. If you go back to check those statements you will see the interest calculation section has at least two components,
one with an average balance associated with 0% APR, and $0 interest cost, and
another portion with an average balance related to purchases and your purchase APR, which is often 19% - 25% so looks expensive.
The way to resolve this is to pay the minimum payment, which will be applied to the lowest APR, then to pay more than the new charges, as that payment will apply to the highest APR and hopefully pay those off. You can then scrape off the high interest items, leaving most of the BT at 0% APR.