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How are payments applied to a card with 0% intro APR on balance transfers AND 0% intro on purchases?

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bluetomorrow
Valued Member
‎01-22-2024 02:58 PM
‎01-22-2024 02:58 PM

Re: How are payments applied to a card with 0% intro APR on balance transfers AND 0% intro on purcha

Thanks for all of the excellent advice, everyone! I've decided not to make any purchases on the card as not to mess with my 21 months of 0% APR on the balance transfer. I'm hesitant to take any chances in trusting what a CSR might tell me so I will just play it safe and not make any purchases on the card.

Gardening as of 1/15/2024
FICO 8 scores (10/17/2022): EX 795, EQ 764, TU 785
Current cards:
Sock drawer:
Goal cards:
Graveyard:
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ptatohed
Senior Contributor
‎01-23-2024 07:22 PM
‎01-23-2024 07:22 PM

Re: How are payments applied to a card with 0% intro APR on balance transfers AND 0% intro on purcha

Did you guys see this recent blog?  According to the article, if you have balances at the same rate but different terms, you can contact the lender and request where payments over the minimum go.  

 

https://ficoforums.myfico.com/t5/Credit-Cards/New-blog-article-How-Your-Credit-Card-Payments-Are-App...

 

 

[Until I can make a pretty signature, here’s an updated draft]

Everyday 5% CB:
Chase prime Visa // citi CUSTOM CASH “A” // citi CUSTOM CASH “B” // citi SHOP YOUR WAY (5% gas (in points), lucrative spending offers) // mylowe’s Rewards // Target circle card

5% CB rotating:
Chase “OG” freedom Visa // DISCOVER it Cash Back // nusenda CU Platinum Cash Rewards

Everyday 4% CB:
US Bank Smartly (v1.0)

Everyday 3% / 2.2% CB:
AOD FCU Visa Signature (3%, sockdrawered) // upgrade Cash Rewards Elite (2.2%, sockdrawered)

Welcome Offer / credits only:
Chase SAPPHIRE PREFFERED (grabbed my $1,000, sockdrawered, will cancel) // NFCU FLAGSHIP REWARDS (elevated Welcome Offer, annual prime credit, sockdrawered)

Hotel card:
Chase IHG ONE REWARDS PREMIER (elevated Welcome Offer, 1 free night/yr)

On my radar:
Langely FCU Signature Cash Back (5% CB monthly selectable cat) // Safe CU Cash Back+ (Quarterly rotating 5% CB cats plus bonus cats) // upgrade MyFive Cash Rewards (5% CB monthly selectable cat) // US Bank Kroger (and family) World Elite Master Card(s) (5% CB Mobile Wallet)
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SouthJamaica
Mega Contributor
‎01-23-2024 09:28 PM
‎01-23-2024 09:28 PM

Re: How are payments applied to a card with 0% intro APR on balance transfers AND 0% intro on purcha

@ptatohed wrote:

Did you guys see this recent blog?  According to the article, if you have balances at the same rate but different terms, you can contact the lender and request where payments over the minimum go.  

 

https://ficoforums.myfico.com/t5/Credit-Cards/New-blog-article-How-Your-Credit-Card-Payments-Are-App...

 

 

Here's what she says about the situation which is the subject of this thread -- different balances with the same interest rate: "There's no special payment allocation method for balances with the same interest rate. The card issuer can treat these as a single balance or separate balances."

 

Which is exactly what we have been saying here. And we have also said that one could call up the bank and ask, but there is no assurance that the answer you are given will be the correct one.


Total revolving limits 569520 (505320 reporting) FICO 8: EQ 689 TU 691 EX 682




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