| offer: 2cycle average daily balance |
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gmany
New Member
Cash: $ 1.95
Posts: 9
Joined: 09 Oct 2007
Location: seawa
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| offer: 2cycle average daily balance |
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I got an offer that has a balance calculation method of 2 cycle average daily method with 0% lifetime APR on balance transferred.
I wonder if it is a good deal or not. I am thinking about transferring from my high interested credit card.
I do know that based on the past balance, this can be a costly if I carry a fluctuating balance from month to month. so I am just gonna make sure I dont use this card to buy things only to transfer balance. I am just assuming that the 0% interest on balance transfer means, there is no finance charge at all on the transferred balance. That is what I care most.
Is there a other thing I should look at like secret fineprint etc?
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Mon Apr 21, 2008 3:25 am |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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The 2-cycle average daily balance thing sounds unusual. Do they start racking up interest for new purchases even if you pay them off monthly (no grace period for new purchases even if no balance?)?
Watch fine print for balance transfer fee (typically 3-4%) and whether that has a dollar limit (like $75 max) or no limit.
Also be aware that at the end of the 0%, you likely need to pay off the balance by shortly after the due date of the previous month (statement closing date for next statement). They may word it something like until the first billing period that includes month X. They will try to trip you up any way they can to get you to pay interest (like having due dates on Sat. Sun. or holiday to catch you off guard).
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Mon Apr 21, 2008 11:20 pm |
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cbass1017
Contributing Member
Cash: $ 4.95
Posts: 37
Joined: 18 Jan 2008
Location: PA
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Another thing to watch out for is credit companies that offer 0 % for say a year but if you don't pay off that balance within the year than your accrued interest for that year just gets tacked onto your balance at the end of that year. A lot of major department store cards do that. Some of those creditors also apply your payments to the other portion of your balance that is not at 0% first. Transferring balances to 0% when possible is a very good thing as long as it doesn't end up costing you more than its worth in the long run.
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Mon Apr 21, 2008 11:58 pm |
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