U.S. Bank credit card balance transfer existing + adding a new balance transfer - how does it work?

[learningtheropesofcredit]

I have a U.S. Bank credit card and they sent me a convenience check back in November with a zero % APR for 10 months with a 4.99% balance transfer fee. I took the offer and transfered $6k on it. There is about $4500 left on it and the zero % APR ends after the August billing statement.

BUT, they just offered the same card another 10 month/0% APR deal with a 4.99% balance transfer fee, and I'm thinking of doing it.  However, I don't know how that works. Obvious, from now until the end of the August billing cylce, it's no interest. But, what happens after the end of the August billing cycle on the original balance transfer, and how do payments work towards the original balance transfer compared to the new balance transfer? I.E, if I paid $300 a month, how muh would go to the first one and how much would be applied to the second one?

Or... how does it all work with two varying balance tranfers at two different intervals?

Thank you in advance.

[NoMoreE46]

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@learningtheropesofcredit wrote:

I have a U.S. Bank credit card and they sent me a convenience check back in November with a zero % APR for 10 months with a 4.99% balance transfer fee. I took the offer and transfered $6k on it. There is about $4500 left on it and the zero % APR ends after the August billing statement.

BUT, they just offered the same card another 10 month/0% APR deal with a 4.99% balance transfer fee, and I'm thinking of doing it.  However, I don't know how that works. Obvious, from now until the end of the August billing cylce, it's no interest. But, what happens after the end of the August billing cycle on the original balance transfer, and how do payments work towards the original balance transfer compared to the new balance transfer? I.E, if I paid $300 a month, how muh would go to the first one and how much would be applied to the second one?

Or... how does it all work with two varying balance tranfers at two different intervals?

Thank you in advance.

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The bank will separate out the two different balance transfers and will show those respective balances with their promotional end dates on your statement.

If you still have a balance on Offer 1  after the 10 months (you should really avoid this)  then they can apply any payments beyond the min from Offer 1  to the lower 0% (Offer 2).  
The 24% or so Int will be assessed on the Offer 1  current balance.

The details should be in the fine print somewhere but I would call U.S. Bank on how they apply the payments in this situation.

[GreatLife]

I never use a 2nd BT offer on a card that already has an existing BT balance. Fine print usually indicates that once offer1 expires the only way to not accrue monthly interest on offer1 will be to pay the entire account balance in full. I don't use cards that have BT's for anything at all until the balance is $0. Until then those cards are removed from my wallet.

[NoMoreE46]

Here is a myfico article:

https://www.myfico.com/credit-education/blog/payments-applied-credit-cards