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-   -   Small question regarding balance transfers (https://www.flyertalk.com/forum/credit-card-programs/1624856-small-question-regarding-balance-transfers.html)

howtofreetravel Oct 30, 2014 5:40 pm
Small question regarding balance transfers
 
Got a 0 percent offer when I pay off my credit card bill with city does it go to my normal expenses or my balance I transferred?

imslippy Oct 30, 2014 10:58 pm
Small question regarding balance transfers
 
if you transferred to citi then it is all one lump sum. you are paying down the total of everything

garykung Oct 31, 2014 4:25 am
Originally Posted by howtofreetravel (Post 23766022)
Got a 0 percent offer when I pay off my credit card bill with city does it go to my normal expenses or my balance I transferred?
To answer your question, the new CARD Act mandates all credit card payments to be allocated to the portion that associated with the highest APR.

If you don't transfer everything in full, your default portion and cash advance will the first get transferred. Then standard purchase and previous BT will be the last.

howtofreetravel Oct 31, 2014 9:55 am
So in practice does it get allocated to the highest APR first? To clarify I got a really tempting offer to send a 0% balance transfer from my cities Card to my bank account!
P.s anyone have any idea how long it takes?

patrick.barnes Oct 31, 2014 12:16 pm
Originally Posted by howtofreetravel (Post 23769227)
So in practice does it get allocated to the highest APR first? To clarify I got a really tempting offer to send a 0% balance transfer from my cities Card to my bank account!
P.s anyone have any idea how long it takes?
Yes.

Citi BT is extremely fast. Couple of days for the DD version.

garykung Oct 31, 2014 5:51 pm
Originally Posted by howtofreetravel (Post 23769227)
So in practice does it get allocated to the highest APR first?
Financial institutions do not have a choice. It's THE LAW :D

http://www.bankrate.com/finance/cred...ard-law-2.aspx


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