Will balance transfer pay off interest bearing balance?

For just about anything you want to get off your chest about credit cards.
3 posts
Msmit4372
 
Posts: 2
Joined: Fri Jun 12, 2015 6:25 am

Will balance transfer pay off interest bearing balance?

Postby Msmit4372 » Thu Jun 09, 2016 7:11 pm

I have 2 balances on my Discover Card.

Balance A - Normal interest rate
Balance B - 0% interest from previous transfer

If I do a transfer to another card offering 0% interest, will Discover pay off Balance A with the interest, or will they take it out of Balance B?


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Re: Will balance transfer pay off interest bearing balance?

Postby takeshi » Fri Jun 10, 2016 8:25 am

A BT is essentially a payment from the perspective of the card you're transferring it from. It will be allocated just as any other payment would be. Your terms provide the info on how payments are applied so refer to them. Most cards allocate payments above the minimum to the balance with the highest rate.

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Re: Will balance transfer pay off interest bearing balance?

Postby MemberSince99 » Fri Jun 10, 2016 11:55 am

Agreed

The payment will pay off the balances however there may still be interest owed on the a balance which you would then pay the next statement



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests