Like others have said, it’s best not to use the balance transfer card for normal purchases until the balance transfer is paid in full. I always pay my credit card statements in full, to avoid interest, but I did a 0% balance transfer to Chase. I was surprised to see that any purchase I made on the card immediately started accruing interest even though the only balance I was carrying was the 0% balance transfer. It took two statement periods, and paying off the purchase amounts, to stop interest from accruing. I had incorrectly assumed that as long as I paid off the new purchases in full, plus an additional amount towards the balance transfer, I would not be charged interest.
Had I known that new purchases would accrue interest immediately, I would not have done the balance transfer. It’s my Amazon card, which I use frequently, but I won’t use it until my balance transfer is paid off.
The credit card act requires any amount paid above your minimum payment to be applied towards the highest apr on the account. So in your case it would be 0% and let’s just say 19.99%. If minimum payment was $25 and you want to pay off $400 in charges you would want to pay $425 to be safe.
I’m not an expert on that but I do know that’s whatvthe act requires. The issuer might be able to confirm too.
Thank you! This is exactly what I was looking for.
Simply not using both cards like others have answered isnt ideal as in addition to the balance transfers I have spend bonus's to clear.
Agree with others on the not using a card with bt as it can get complicated. I know some cards state that if you put on charges after the bt that those and entire balance have to paid in order to not get interest acrued or something to that nature. I may be wrong and apologize if so. Ive seen that language for inst as nce on Penfed and somewhere else i cant remember.
Thank you! I will have to read the specific fine print for BTs for each card and make sure