Re: Balance transfer penalty?

Sprink · ‎05-29-2023

I have an outstanding balance transfer. The promotion rate expires in November. If I don't pay off the balance, will I get back-charged the interest? How can I check the transfer terms? The transfer was through Chase

FireMedic1 · ‎05-29-2023

Yes you'll pay. Did you BT to a new card promotion to Chase? More info please.

https://www.chase.com/personal/credit-cards/education/basics/what-is-a-balance-transfer

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Sprink · ‎05-29-2023

The card was not new. I barely remember the terms, which is why I want to look it up.

Jnbmom · ‎05-29-2023

@Sprink wrote:
The card was not new. I barely remember the terms, which is why I want to look it up.

Yes if you don't pay off the balance before your BT term expires whatever balance you have left will be charged what the current interest rate is . All this information is on your online account .

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Sprink · ‎05-29-2023

I understand that, but will I be charged interest based on the promo period like I would off a purchase promo? Like, let's say I BT'd $5000 in January and my promo ended January 2024. Let's say I made no progress towards paying that down come 2024. Does interest silently accrue this year and I will be slammed in 2024? That's my question.

Jnbmom · ‎05-29-2023

Whatever balance you have left over after your BT period expires , you then will being charged whatever your current interest is on the card .

In other words the card’s ongoing APR will apply to your remaining credit card balance.

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Sprink · ‎05-29-2023

Thank you. That is good news! Don't businesses punish you for not completely paying off a balance in the promo period? Ohhh that's businesses. Not banks.

EDIT***

This is wrong in so many ways! Lol

SouthJamaica · ‎05-29-2023

@Sprink wrote:
I understand that, but will I be charged interest based on the promo period like I would off a purchase promo? Like, let's say I BT'd $5000 in January and my promo ended January 2024. Let's say I made no progress towards paying that down come 2024. Does interest silently accrue this year and I will be slammed in 2024? That's my question.

No. Interest doesn't silently accrue, assuming it's a normal lender.