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Difficult statement balance question for the knowledgeable

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Frequent Contributor

Difficult statement balance question for the knowledgeable

Heres the plot:

 

I have a balance transfer of $1000 dollars at 0% promo for 12 months on my BofA 1-2-3 Rewards card. I have auto pay set up to pay $100 on due date for 10 months.

 

The problem is there was a really good offer on the same card for 15% at autozone and I actually needed a powersteering pump that went out on my brothers truck so I used it. problem is I didn't realize it was on the last few days of a statement segment, I paid the total amount for all the parts on that statement but now every month I get a interest charge for about a $1.50 for revolving balance not within the 0% promo period.

 

So no I'm upset because it seems to me that there is no way to pay out just the balance that has a 23% apr attached to it because they purposely hide it within the BT balance...

 

if there is anyway to avoid this from happening please enlighten me, I'm so close to just paying the whole thing off this month, I absolutely despise paying interest.

Starting Scores 8/24/14 FICO TU:507 EQ:500
Scores as of 1/1/2016 FICO TU:633 EQ: 622
Scores as of 1/1/2017 FICO TU:759 EX:693 EQ:694
Scores as of 1/1/2018 FICO TU: 751 EX: 739 EQ: 735
Scores as of 1/1/2019 FICO TU: 786 EX: 801 EQ: 796
Message 1 of 9
8 REPLIES 8
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Moderator

Re: Difficult statement balance question for the knowledgeable

With the exception of Barclays and CapOne, you never want to use your card for a regular charge after taking advantage of a balance transfer or else exactly what is happening to you will occur. About the only way to avoid any interest now is to pay off the entire balance.  

Message 2 of 9
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Community Leader
Super Contributor

Re: Difficult statement balance question for the knowledgeable

I found this on credit cards.com. I'm sure others will chime in.

Here's the bottom line: To assure that your purchase is paid in full and does not accrue any interest, you will need to make a payment that totals the amount of your purchase plus the minimum amount due. Use a minimum payment calculator to figure out what your minimum payment should be, and call your issuer to make sure you're doing the math right, because credit card minimum payment formulas vary.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 9
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Established Contributor

Re: Difficult statement balance question for the knowledgeable

Might be worth a call to BoA? Don't know that they'd help you out any, but if you claim ignorance, or that you THOUGHT you were doing to correctly, maybe they'll work with you? 

 

It comes down to the the way the payment is allocated. On my AMZ store card, I set the allocation to pay off current charges first, then zero percent balances ... it makes the bookkeeping a little difficult at times on my end, but so far so good. Does BoA not allow you to set the allocation as you want? 

Message 4 of 9
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Community Leader
Senior Contributor

Re: Difficult statement balance question for the knowledgeable


@Irish80 wrote:

With the exception of Barclays and CapOne, you never want to use your card for a regular charge after taking advantage of a balance transfer or else exactly what is happening to you will occur. About the only way to avoid any interest now is to pay off the entire balance.  


The other time you can do this is when you have a card that offers 0% for both balance transfers and purchases.

 

Otherwise, yeah, new charges will kick in interest unless one of the above exeptions apply.

Message 5 of 9
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Moderator

Re: Difficult statement balance question for the knowledgeable


@HeavenOhio wrote:

@Irish80 wrote:

With the exception of Barclays and CapOne, you never want to use your card for a regular charge after taking advantage of a balance transfer or else exactly what is happening to you will occur. About the only way to avoid any interest now is to pay off the entire balance.  


The other time you can do this is when you have a card that offers 0% for both balance transfers and purchases.

 

Otherwise, yeah, new charges will kick in interest unless one of the above exeptions apply.


Good point and thanks for the reminder.

Message 6 of 9
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Frequent Contributor

Re: Difficult statement balance question for the knowledgeable

Well that's what I feared it would be, looks like I'll just have to pay it off, luckily its not an outrageous balance.

Starting Scores 8/24/14 FICO TU:507 EQ:500
Scores as of 1/1/2016 FICO TU:633 EQ: 622
Scores as of 1/1/2017 FICO TU:759 EX:693 EQ:694
Scores as of 1/1/2018 FICO TU: 751 EX: 739 EQ: 735
Scores as of 1/1/2019 FICO TU: 786 EX: 801 EQ: 796
Message 7 of 9
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Community Leader
Super Contributor

Re: Difficult statement balance question for the knowledgeable

I have a BT on one card, CitiDC, and that card is SD. I don't even want to make a mistake or be tempted to put a purchase charge on it.



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 9
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Community Leader
Mega Contributor

Re: Difficult statement balance question for the knowledgeable

I hear ya Credit inspired, all my BTs are on my BBR, so i havent actually used the card for a regular purchase since like last AugustSmiley Wink No need to complicate my life lol.
Message 9 of 9
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