What is 0% apr for 1 year on balance transfer?

[Anonymous]

Since I always PIF 2-3 times/month, I have never really tried to understand this kind of deal. FIA just send me offer to BT to them

for 0% apr 12 months. BT cost 4% of amount transfer with minimum 10$. Does this mean if I transfer balance from other accounts

for $1000, I need to pay 40$ today for BT cost(4%) and I should pay down $1000 before 12 months period end to avoid interest charge?

what about if I transfer $100 from other accounts but have $1000 balance on FIA card before, do all balance ($1100) get 0%apr for 12 months

or only $100 I transfer from other accounts get 0%apr?

just curious and hope someone would teach me on this kind of thing

[Anonymous]

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@Anonymous wrote:

Since I always PIF 2-3 times/month, I have never really tried to understand this kind of deal. FIA just send me offer to BT to them

for 0% apr 12 months. BT cost 4% of amount transfer with minimum 10$. Does this mean if I transfer balance from other accounts

for $1000, I need to pay 40$ today for BT cost(4%) Yes and I should pay down $1000 before 12 months period end to avoid interest charge?

Yes

what about if I transfer $100 from other accounts but have $1000 balance on FIA card before, do all balance ($1100) get 0%apr for 12 months

or only $100 I transfer from other accounts get 0%apr? Only $100

just curious and hope someone would teach me on this kind of thing

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Mixing 0% BT with everyday charges can be tricky.   You have to pay minimun charge on BT and PIF on normal charges.    Easier if you put BT on card with no balance and don't use for purchases until the 12 month expires.  

[MarineVietVet]

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@Anonymous wrote:

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Mixing 0% BT with everyday charges can be tricky.   You have to pay minimun charge on BT and PIF on normal charges.    Easier if you put BT on card with no balance and don't use for purchases until the 12 month expires.  

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I agree with this. Don't mix BT's and purchases. If you do the BT don't use the card for anything else until it's paid off.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thank you Wolf3. I think I will pass this deal until there is 0$ BT fee and 0% apr offer.

[Anonymous]

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@MarineVietVet wrote:

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@Anonymous wrote:

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Mixing 0% BT with everyday charges can be tricky.   You have to pay minimun charge on BT and PIF on normal charges.    Easier if you put BT on card with no balance and don't use for purchases until the 12 month expires.  

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I agree with this. Don't mix BT's and purchases. If you do the BT don't use the card for anything else until it's paid off.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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+1

[Anonymous]

4% Fee is higher than it looks.   It is paid up front on the whole balance, even though the balance decreases throughout the year.

And then they make big money if you don't make the 12 month payoff, which happens a lot.

[vish1]

I may be just too fussy but IMHO, if you can afford to PIF, its any day better than even 0%/0% (apr/bt fee)...

[smallfry]

4%? That's even worse than your normal 35 offer from Citi.