Question about BofA BT terms

Archived From: Finance
  • Page :
  • 1
  • Text Only
Voting History
rated:
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.)

Member Summary
  • Also categorized in:
Thanks for visiting FatWallet.com. Join for free to remove this ad.

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).

Ah, that makes sense. I thought it was a sneaky way for them to punish mid-cycle payments. Thanks!

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.



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014