Capital One Balance Transfers

[Anonymous]

Hey everyone, I'm new here so if I'm posting in the wrong place- don't hesitate to correct me.

I applied for a Capital One Quicksilver to utilize the 0% 12 month intro period. This is to lower my monthly payments on other cards with high interest rates, and avoid interest.

My question is: if the balance is not paid off within the 12 months, is the interest then retro and charged from that original amounts of my transfers? Or does the interest begin on the amount left-over after the 0% 12 month period?

Thanks for any tips in advance. I've been trying to build my credit for the last 20 months. I've gone from mid 400s to currently 680. I'm trying to make smart financial decisions, save money, and continue to improve my score. Any advice on the above would be greatly appreciated! TIA!

[Anonymous]

Typically the interest is retroactively applied based on the initial balances. 

[delaney1]

---

@Anonymous wrote:

Hey everyone, I'm new here so if I'm posting in the wrong place- don't hesitate to correct me.

I applied for a Capital One Quicksilver to utilize the 0% 12 month intro period. This is to lower my monthly payments on other cards with high interest rates, and avoid interest.

My question is: if the balance is not paid off within the 12 months, is the interest then retro and charged from that original amounts of my transfers? Or does the interest begin on the amount left-over after the 0% 12 month period?

Thanks for any tips in advance. I've been trying to build my credit for the last 20 months. I've gone from mid 400s to currently 680. I'm trying to make smart financial decisions, save money, and continue to improve my score. Any advice on the above would be greatly appreciated! TIA!

---

Hopefully others will chime in. I’ve done a few BTs with Cap One, but always paid it off before expiration. Looking back at an old BT offer from them, I’m pretty sure Cap One does NOT charge interest from day one for any remaining balance after the promo ends. 

It says “after the promotional period ends, we’ll apply your purchase rate apr to any remaining balance from your transfer”.

This type of question would usually go in the Credit Cards part of the forum. There’s a lot more traffic over there too! Don’t start another post over there though, just a heads up for future reference.

[HeavenOhio]

---

@Anonymous wrote:

Typically the interest is retroactively applied based on the initial balances. 

---

That would be under a deferred interest scenario. I don't recall ever seeing one of those for balance transfers.

On a typical card, interest will kick in on the balance as of the end of the 0% period.

[Remedios]

Interest will be calculated at your current APR, only on remaining balance. 

If you have left over balance that remains unpaid, you probably lost your grace period, so I wouldn't use this card for any additional purchases. 

[Anonymous]

---

@HeavenOhio wrote:

---

@Anonymous wrote:

Typically the interest is retroactively applied based on the initial balances. 

---

That would be under a deferred interest scenario. I don't recall ever seeing one of those for balance transfers.

On a typical card, interest will kick in on the balance as of the end of the 0% period.

---

I agree with this. An example of a "deferred interest scenario" would be like a promo furniture or appliance purchase. 

You're fine. 

[pinkandgrey]

There are those cases where it's deferred interest because it's meant to be paid back before the promo ends. In those cases you would owe ALL the interest from the original purchase amount. Usually deferred interest offers are meant to encourage very specific purchases. 

For most BT situations with normal bank cards, though, you'll owe interest on only the remaining balance at the end of the promo. BTs would never happen if all BT offers were deferred interest lol