I found this in my statement but it doesn't answer my original question. The only existing balance on my BofA is the $4,500 from the two aforementioned promos, both at 0% APR. Is it safe to assume that a BT to another card is counted as a payment to BofA?
@Anonymous wrote:
I found this in my statement but it doesn't answer my original question. The only existing balance on my BofA is the $4,500 from the two aforementioned promos, both at 0% APR. Is it safe to assume that a BT to another card is counted as a payment to BofA?
@Anonymous Yes, the BT would be treated as a payment. Luckily with both BTs on a 0% APR you don't have to worry about covering the following statement(s) trailing interest charges. So I would just make sure the payment covers the balance ending Oct 2021 + whatever your minimum payment. The remaining payment is then applied to the Feb 2022 BT balance.
@Anonymous wrote:
I found this in my statement but it doesn't answer my original question. The only existing balance on my BofA is the $4,500 from the two aforementioned promos, both at 0% APR. Is it safe to assume that a BT to another card is counted as a payment to BofA?
Yes, the BT is counted as a payment, and will apply to one of the BT first.
It is possible their payment allocation puts the $2k to the nearest expiration BT, but some banks do more of a proportional allocation, not FIFO. So my suggestion is to wait until the October BT expires, then do the new BT. This gives you two more months interest free, and guarantees the $2k will go to a good home. Yes, you will have a few dollars interest after that expiration but BofA is easy enough to resolve that by paying it quickly. Since you have another BT still going, you likely are not using the card for purchases anyhow.
@Anonymous wrote:Follow-up question: if I transfer half of the total current BT balance from my BofA to Card X today, can I transfer the other half (remaining BT balance) from BofA to the same Card X at a later date? Do I get just one shot at it (BofA to Card X) or will that depend on the bank to which I'm transferring the balance?
There is not a limit of one transfer. The destination bank likes the BT fees / interest and the granting of the BT is like a purchase: the destination bank is able to approve it or decline it.
There is an upper limit of how many BT a destination bank will let you do, but I've never heard of someone testing that to see where it might be. I'm thinking of the IT requirements to keep each tranche separate... I don't know whether it's a simple count field, and then whether it is one digit, two digits, or alphanumeric. But I digress. I've had 5 or 6 at one time on Discover. I may have to see if I can get it to 10 ( or 11 ) on Discover BT items. I'll call it a gardening project.