0% transfer - penalty payment

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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0% transfer - penalty payment

Postby raul0365 » Fri Jan 08, 2016 7:17 pm

Thank you for taking the time to read and provide insight. I elected to transfer a balance to an introductory rate of 0% for 12 months in March 2015. The initial transfer was $11k. To date, I have over $15k in Credits, but $20k in Debits. My question is: Since I have more Credits than my initial Balance Transfer, will I incur a penalty for not having a $0 balance on my card come March 2016?

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Re: 0% transfer - penalty payment

Postby takeshi » Mon Jan 11, 2016 10:41 am

There's really not enough info.

Check your BT terms to confirm but generally if you have not paid off the balance of the BT by the end of the promo period you'll incur interest on the remainder. It sounds like you've been making other charges and odds are that those charges have no grace period so they have been subject to interest as of the charge date. You'd have to refer to your credit card terms for a definitive answer on that. These are not penalties, per se, but interest.

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