When you balance transfers payments onto a different credit card does your benefits on your purchase change?

[kranky]

If you are getting 0% on BOTH transfers and purchases for 6 months, you can do whatever you want for that 6 months. Just make sure you pay everything off before the 0% rate expires, make all payments on time, don't go over your credit limit. etc.

The goal is, if you have a 0% APR balance, don't add anything which will NOT be at 0%.

 

[pcslookout]

Does it matter if the other credit card is Visa, Mastercard, Discover, or American Express?

 

[pcslookout]

Originally posted by: kranky
If you are getting 0% on BOTH transfers and purchases for 6 months, you can do whatever you want for that 6 months. Just make sure you pay everything off before the 0% rate expires, make all payments on time, don't go over your credit limit. etc.

The goal is, if you have a 0% APR balance, don't add anything which will NOT be at 0%.

My current Citi mastercard, doesn't have 0% purchase APR just 0% transfer balance APR.

Will this make my balance transfer to the other credit card have interest even before 6 months ?

I want to transfer a balance from it to another credit card that has 0% purchase APR and 0% transfer balances.

 

[kranky]

When you transfer the balance from the Citi card to the other card, all that happens is that the other card makes a payment to Citi, and adds that payment to your other card balance. You say the other card has 0% on BOTH purchases and balance transfers.

If the other card is giving you 0% on balance transfers, then the balance you transfer will have 0%. Since they are also giving you 0% on purchases, you can use the card freely. Just pay it all off before the 0% offer expires.

It makes no difference Visa, Mastercard, Discover, or American Express. No difference at all.

 

[pcslookout]

Originally posted by: kranky
When you transfer the balance from the Citi card to the other card, all that happens is that the other card makes a payment to Citi, and adds that payment to your other card balance. You say the other card has 0% on BOTH purchases and balance transfers.

If the other card is giving you 0% on balance transfers, then the balance you transfer will have 0%. Since they are also giving you 0% on purchases, you can use the card freely. Just pay it all off before the 0% offer expires.

It makes no difference Visa, Mastercard, Discover, or American Express. No difference at all.

Ok so its ok that the Citi Mastercards doesn't have 0% purchase APR ? This will make no difference right?

 

[pcslookout]

I want to make sure I am doing the 3% transfer fee right as well. a 3% transfer fee for $500 would be only $15 ?

 

[Strk]

Originally posted by: pcslookout

Originally posted by: kranky
When you transfer the balance from the Citi card to the other card, all that happens is that the other card makes a payment to Citi, and adds that payment to your other card balance. You say the other card has 0% on BOTH purchases and balance transfers.

If the other card is giving you 0% on balance transfers, then the balance you transfer will have 0%. Since they are also giving you 0% on purchases, you can use the card freely. Just pay it all off before the 0% offer expires.

It makes no difference Visa, Mastercard, Discover, or American Express. No difference at all.

Ok so its ok that the Citi Mastercards doesn't have 0% purchase APR ? This will make no difference right?

If it only has 0% BT, the purchases will incur interest. Payments typically go towards the lower interest rate as well. Also, some cards require a certain amount of purchases per month to keep the offer.

 

[pcslookout]

Originally posted by: Strk

Originally posted by: pcslookout

Originally posted by: kranky
When you transfer the balance from the Citi card to the other card, all that happens is that the other card makes a payment to Citi, and adds that payment to your other card balance. You say the other card has 0% on BOTH purchases and balance transfers.

If the other card is giving you 0% on balance transfers, then the balance you transfer will have 0%. Since they are also giving you 0% on purchases, you can use the card freely. Just pay it all off before the 0% offer expires.

It makes no difference Visa, Mastercard, Discover, or American Express. No difference at all.

Ok so its ok that the Citi Mastercards doesn't have 0% purchase APR ? This will make no difference right?

If it only has 0% BT, the purchases will incur interest. Payments typically go towards the lower interest rate as well. Also, some cards require a certain amount of purchases per month to keep the offer.

The card that the transfer is on right now only has 0% BT. The card I want to transfer the charge to has 0% purchase and 0% BT.

So would this matter ?

 

[RossMAN]

Originally posted by: pcslookout
I want to make sure I am doing the 3% transfer fee right as well. a 3% transfer fee for $500 would be only $15 ?

Read the balance transfer terms and conditions where it clearly lists the fees.

It's usually 3% or $75, whichever is greater.

$500 x 3% = $15

 

[jagec]

Originally posted by: pcslookout
The card that the transfer is on right now only has 0% BT. The card I want to transfer the charge to has 0% purchase and 0% BT.

So would this matter ?

If you're transferring a balance TO a new credit card, the only numbers that matter are the amount you want to transfer, and what the new credit card will charge for the service (the transfer fee, and the APR).