@Creditaddict wrote:
Received the statement for CareCredit today and right in the first page of minimum due and balance in RED BOLD it says "URGENT, Promotions expering shortly - see above"
When I go into the statement I actually have 2 months left so that is a pretty good warning to me!!
I believe it is a policy of lenders to show this warning and also change the payment application method when one is within 2 months of the end of a promo period.
If I understand that language correctly, if a consumer was within 2 months of the end of the 0% promo period, had a balance of say $500 from the promo period, and took a BT of $1000 at say 3% interest, and made a payment of $250, that payment will be applied to the promo period balance and not the transferred balance.
During any other time that $250 would be applied to the balance with higher APR (in this case the BT). Maybe that's why the 2-month warning.
