balance transfer questions, can someone help?
September 14, 2011 7:38pm CST
I got several letters from bank of america credit card, which offer a 0% APR for a full year if I would like a balance transfer from some of my high interest credit cards. That sounds pretty tempting, and I would like to do so. I just wonder, how would they manage my 0% interest balance transfer, and the balance I had originally with Bank of America credit card, which is carrying 9.99% APR? If I made a regular payment to it after I made the balance transfer, how much of that payment goes into 0% interest balance, and how much would go to the 9.99% balance? Does someone know?
• United States
15 Sep 11
Usually if you make a payment, it will go to the balance carrying the interest rate, but talk to them before committing to anything. Every bank does things differently unless it's governed by law. It sounds like the only way it would benefit you would be if you could pay off the original balance quickly, then you'd have time to work on the no interest balance before the year was up. Talk to them, though and make sure you know what you're getting in to before doing it.