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Should I pay off my Credit Card non balance transfer balance?

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Regular Contributor

Should I pay off my Credit Card non balance transfer balance?

Hi all. I opened up my Citi card and made a balance transfer. That balance transfer just ended on April 18, 2020, however I made another balance transfer for 1.99% APR for another balance. If I pay the remaining $36xx.00 balance of my expired balance transfer amount off of my $7+k balance, will that payment go to the expired balance transfer now regular APR balance?

 

 

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Epic Contributor

Re: Should I pay off my Credit Card non balance transfer balance?

Citi might be the only one  that could give you the exact answer.

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Valued Contributor

Re: Should I pay off my Credit Card non balance transfer balance?


@y0rascal wrote:

Hi all. I opened up my Citi card and made a balance transfer. That balance transfer just ended on April 18, 2020, however I made another balance transfer for 1.99% APR for another balance. If I pay the remaining $36xx.00 balance of my expired balance transfer amount off of my $7+k balance, will that payment go to the expired balance transfer now regular APR balance?

 

 


Should you pay off a 3.6k balance that is under "regular" APR? Yes as long as you can afford to 

If you check your T&C it will specify exactly how your payments are applied to your account but in general (and in some aspects legally), your minimum payment gets applied first to interest and fees then to the APR balance that the lender chooses (most of the time it is the lowest APR but varies by lender). Any payment above the minimum will be applied to the balance with the highest APR (as specified in the CARD act). The only exception to this I am aware of is when you have an interest deferred balance, some times a lender will aautomatically  apply to additional payments to balances that are about to expire. 

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Super Contributor

Re: Should I pay off my Credit Card non balance transfer balance?

You left $3,600 on an expiring BT, then added on to it with a low APR BT? 

Tactically that is not how I would do it. Clear the full APR amount first before starting a new BT cycle. 

The payments on the card are applied as 1) minimum payment to the lowest APR, so $30 or so, then 2) applied to the highest APR. So you should be good to BT $3,600 to another card with minimal damage to the low APR balance you want to leave. 

For data points, what is your utilization on this card right now?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
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Regular Contributor

Re: Should I pay off my Credit Card non balance transfer balance?

Yes I can pay it off, wanted to make sure it was worth it. I would open a new card but in the middle of refinancing now. Also 17% utilization

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