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Balance Transfer Card Not So Appealing Now

September 23rd, 2016 at 06:36 pm

Challenge starting balance: $7,545.87
Plus:
- weekly EF savings $35.69
Challenge closing balance: $7,581.56

As written a few days earlier, I finally paid off all of my credit card debt and was looking into earning some sort of reward for using credit cards now.

I linked up my Velocity Rewards account to the credit card as you can earn points, however while I knew the credit card had a high interest rate it is supposed to have 44 interest free days.

So it was completely free of any charges on Wednesday as per the website so I used the card on Wednesday night and repaid the transactions the next day. There was a total cost of $28.72 charged on it (for groceries).

So I have just received my credit card statement and have been charged $0.65 interest??? I don't care about the amount but why have I been charged interest when there was no previous amount owing? Unless I had to wait until the next monthly period before using the card?

I doubt I will want to sit on the phone with the credit card company to discuss $0.65 but I may hold off using the card for the rest of the month and then use the card and see if interest is charged when the card is used again. If interest is charged without the interest free period then I will probably keep the card as an emergency measure only and close it off after a while once I have found a replacement.

4 Responses to “Balance Transfer Card Not So Appealing Now”

  1. FrugalTexan75 Says:

    Hmm... could the $.65 be the interest on what was on the card before your transfer?

  2. VS_ozgirl Says:

    It works out to be the monthly interest portion on $39, which was my $29 shopping and $10 worth of wine (the interest rate is 20%), and I have been repaying those purchases back the next day! Not a good start. I think I'll see what happens if I don't use it for one credit card period and then use it when it is in the next one.

  3. FrugalTexan75 Says:

    That doesn't sound good.

  4. rob62521 Says:

    That is odd.

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