When exactly to pay off 0% Balance Transfer?

[sam1964]

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I have begun to use the 0% Balance Transfer offers. I plan to pay back in full to avoid the high regular interest rates. But I am not clear about precisely when I should pay the remaining balance (I am paying the minimum monthly on/before the due date). So, if an offer said 12 billing cycles, should I pay the full remaining balance at the time of the 12th payment or at the time of the 13th payment?

thanks
sam

[cpaynter]

Sam:

Typically, it's exactly one year from when the balance transfer hit your account. So, let's say your statement cycles on the 15th and your payment is due the 10th, and the balance transfer registered on your account on January 27th, 2007. You'd be safe making your minimum payment on January 10th, then pay the balance by January 27th (but I'd make it the 26th just to be on the safe side).

I would also say, don't take my word for it. Call customer service for your card and verify with a rep.

Chris.

[Polonius]

The only date that matters is the date that applies to your particular BT--so as Chris said, call and ask.

Some banks use wording like "until the first day of your cycle which ends in December." That means if your statement date is the 12th, the BT must be paid by NOVEMBER 11th. Some banks use the same term but the computers interpret it to mean the payment due date for that statement (i. e., something like November 4th). Sometimes the wording is the LAST DAY of your cycle, or the last day/first day of the month.

So do call and ask. And ask that a note of the call be made in your records, so if the computer charges you interest before the date you were told, someone can look up the notes and apologize--and issue a credit. I've had that happen several times. CSRs often make mistakes when you ask--but as long as you relied on what you were told and can prove what you were told, the bank honors the bad information you were given, in my experience anyway.