Hi all, got a 0% balance transfer from my anz card. Used up 90% of it, but the remainder 5% I wonder if I use some, would that "spent" amount get charged interest? I think the answer is yes unless I paid off the "spent" amount before closing balance due yes?
Well i paid off the $5 i spent now, so should be ok right
why Not cut it up and not use it period
cuz I got a spend money and get $20 back offer :) Once got the money, I'll be leaving it in the drawer
Some credit card companies will apply any payment towards your balance transfer instead of paying off the 'spent' amount so the spent amount will continue to incur interest until you pay off your account in full. I believe Citibank does this.
You've only spent $5 so you probably don't need to lose sleep over it but it will be a different scenario if it is a $10k credit card with $9k balance transfer and $1k spending. The $1K might incur interest until you pay the account off in full.
This ^
Having an ANZ card with balance transfer a few years ago - I used the remaining amount and when it didn’t get paid in full (I.e the whole balance), it started accrued on the “remainder” amount (I.e your $1k example) - funds were reconciled against old/first out balances. After a few a calls I had it corrected but they warned that is exactly how it’s explained in the pds (I didn’t read it). After that we just paid it all off to avoid the fuss as it wasn’t a significant balance to necessarily keep open on zero interest.
Don't all of them? I was surprised when it first happened to me but it is logical. The balance transfer was the earlier transaction so any repayments will go towards that.
cba will allocate the payment to spent amount first then balance transfer.
That's good to know. I can't remember which bank did it to me (might have been Westpac?). I did the balance transfer shuffle all through my twenties ;)
Most likely YES it will incur charges, also gets messy when making payments, they may take it off the BT rather than the credit charge unless you arrange prior..