Just got a BofA card with 0% on BT and a $50 bonus after $500 spend. I spent the $500, paid it off, and was about to do the BT, when I saw this in the fine print:
"If you revolve your balance to take advantage of a Balance Transfer or Direct Deposit, all transactions and balances, including Purchases, will be charged interest."
Does this mean I need to wait for the statement to close in order to do the BT? Anyone have any experience with them actually enforcing this provision? Or am I misreading it, and "revolve your balance" means something different?
Thanks in advance for the help.
(I've sent a message to BofA asking for clarification, but I have much more faith in the FW community to answer accurately.)
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posted: Aug. 3, 2012 @ 2:59p
If you make other transactions on this card (in future), they will not get a grace period, since you will be carrying a balance due to the BT. They will be charged interest at 0% (for BT balance) and whatever the purchase APR is (for purchase balance).
posted: Aug. 3, 2012 @ 3:02p
Ah, that makes sense. I thought it was a sneaky way for them to punish mid-cycle payments. Thanks!
posted: Oct. 25, 2012 @ 4:57a
I still don't quite understand B of A's statement about revolving balance. I want to transfer a balance from a high interest card to take advantage of the 0% APR for balance transfer. I have not used my B of A card in several years, it has had a zero balance since the last time I used it. Assuming I don't make any future purchases on this card will I be charged any interest if it takes me several months to pay off the balance transfer? I assume that grace period is the length of time until the promotional APR ends? (1/2014 on this particular offer)
I may sound like an idiot but I've never taken advantage of a balance transfer offer before and I just want to make sure that I don't get burned by the fine print. Thanks.
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