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PenFed BT offer question

RebuildingIsHard
Regular Contributor

PenFed BT offer question

Just got a BT offer from penfed. 0% for 12 months with 3% fee. I need to make a big purchase and was going to apply for a 0% intro par card but the BT would guarantee I have the limit needed and not have to get another Inq. Anyway. This wording baffles me. It is as follows:

“By taking advantage of this offer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date. Subject to credit approval. A 3% balance transfer fee applies to each transfer.

Does this mean I will accrue an all other charges I make until the whole card is paid off? If 1 charge $100 will I be paying interest on this $100 until the BT is paid off??

Any help would be appreciated.
Message 1 of 4
3 REPLIES 3
dragontears
Valued Contributor

Re: PenFed BT offer question

Yes it means you lose your grace period and will pay interest on any charges from the day they post. Easiest thing is if you do the BT don't use the card for anything else.
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Message 2 of 4
Namaste7
Established Contributor

Re: PenFed BT offer question


@dragontears wrote:
Yes it means you lose your grace period and will pay interest on any charges from the day they post. Easiest thing is if you do the BT don't use the card for anything else.

Payoff existing balances and make sure you do not have trailing interest. I would allow the statement to cut with a "0" balance before initiating the BT.

 

~~MMXX~~
My Garden Goal: Double NW
Message 3 of 4
RebuildingIsHard
Regular Contributor

Re: PenFed BT offer question

Thanks for the responses. I’ll think about it. Maybe I’ll just apply for a BBP card and get the 0% and also “hide” it from my personal utilization.
Message 4 of 4
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