Figuring Credit Card Promo Rates
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Dear Credit Card Adviser,

I will need to temporarily add a few thousand dollars to my credit card balances for repairs and staging costs to sell my condo. My card has an existing balance currently at zero percent through February 2012 and then goes to 12.99% after February 2012.

I’m considering a balance transfer to take advantage of the credit card’s offer for zero percent through January 2013, after which the annual percentage rate will jump to a higher rate in 2013. Which balance will the bank be required to apply payment to first?

In other words, if you have two different promo balances on the same card, with both at zero percent currently, is the bank required to apply the payment to the balance that has the promo ending first?

— Dorothy

Dear Dorothy,

The scenario you’re describing involves a key provision of the Credit Card Accountability, Responsibil…………… continues on Fox Business
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Related News:

Can you build credit by paying off card after every use? By Erica Sandberg
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By Erica Sandberg

Dear Opening Credits,
If I buy whatever I want on a credit card then pay it off the next day, is that a way to build my credit up? — Christopher 

Dear Christopher,
Boy, I admire a credit strategist! Someone who looks at the world of borrowing and banking and wonders, “Hmmm, how can I make this system best work for me?”

And the answer is yes. You can make as many purchases on your credit card as you would like to (up to the account’s set credit limit, of course), and pay off the balance at any time you wish. Why wait for a statement to arrive in the mail once a month? You certainly don’t need to.

The benefits of prepaying are multifold. Send in the cash before it’s due and you’ll never be assessed a penny in interest. After all, the credit card company will only apply finance fees to what you spend after the gr…………… continues on
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Tommy Hilfiger Men’s Polished Lamb Credit Card Organizer,Black,One Size

  • 100% Sheep Leather
  • Bill compartment, 11 credit card pockets
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  • Machine wash
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Tommy Hilfiger Stockton Black Lambskin Credit Card Organizer Wallet. This card organizer wallet measures at approximately 3.3″ x 4.7″. Features : The organizer/billfold design provides a lengthwise pouch for bills, five credit card slots on the inside right and left side, an ID flap in the center and hidden slots on the left and right sides. Each wallet comes in a Tommy Hilfiger Valet Gift Box.

List Price: $ 42.00