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Old 10-31-2017, 06:28 AM   #21
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Originally Posted by Just_Steve View Post
Never commingle your balance transfer card with your everyday card.


+1
Credit card debt can be good debt too if it's zero interest and you are very diligent about paying it off before the promo period ends. We have been using a zero percent card for some purchases this year, which has allowed us to keep cash invested in the market earning double digit returns. Obviously this is only a prudent strategy if one can afford to pay the balance off and one isn't 100% in equities.

I also would advocate never mixing a "balance transfer" card with a "new purchases" card. There are so many zero percent offers out there that it isn't worth comingling and running into the OP's issue.
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Old 10-31-2017, 08:15 AM   #22
Thinks s/he gets paid by the post
 
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Quote:
Originally Posted by Scuba View Post
+1
Credit card debt can be good debt too if it's zero interest and you are very diligent about paying it off before the promo period ends. We have been using a zero percent card for some purchases this year, which has allowed us to keep cash invested in the market earning double digit returns. Obviously this is only a prudent strategy if one can afford to pay the balance off and one isn't 100% in equities.

I also would advocate never mixing a "balance transfer" card with a "new purchases" card. There are so many zero percent offers out there that it isn't worth comingling and running into the OP's issue.
One time, back in the 1990s, I opened a store charge card as part of a promotion when I bought the first of 3 costly electronics items. It was a 0% interest deal and I could delay repayment for 90 days on each item. But the 90-day grace period overlapped across the 3 items so 2 or 3 of them appeared on one monthly statement. I had to make sure I paid the proper amount to avoid getting dinged with interest and to needlessly avoid repaying too much. I also had to check the fine print in the monthly statement to make sure that any partial payment toward the entire balance would apply to the older purchases first (it did) so I wouldn't get dinged with interest that way.
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Old 10-31-2017, 08:26 AM   #23
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First, I'm no lawyer, but I have learned not to assume my reading of a law is correct. You can quote the exact wording which clearly supports your position, but miss a different section (or a different law) which states that first section doesn't apply to you.

To those who say never to carry a CC balance, that's true, but life doesn't always allow us that flexibility. I used CC debt to save my skin a number of times (messy divorce, raising kids as a single parent, long story.) I hope to never go there again!

But even if you have to carry debt, you can be smart about it. There are lots of ways to minimize interest payments. Keep your credit score reasonable and you'll get all kinds of promotional deals right in your mail box. Know how they work and make them work for you instead of against you.

This is a good discussion and will no doubt help someone make an better decision. Thanks to the OP for opening the thread.
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Old 10-31-2017, 04:43 PM   #24
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In the past I learned to never use a balance xfer card for purchases, but now I have 3 accounts with mixed balances with no issues. I guess it is due to the CC Act cited. A credit union Visa, PayPal, and Home Depot (chase). Papal and Chase do an excellent job of detailing each promo balance. I still check carefully every month to see how extra payments are applied. It ain't easy being a deadbeat!
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