Roll amount on credit card?

[t_ginuwine]

My credit card bill is huge, I don't think my paycheque will cover it, is it possible to roll the amount to another card without collecting interest?

[bionicbadger]

Get Help.

You may be able to roll the amount if you get a brand new card before your current bill is due. New cards often have a promo encouraging you to roll your debt to the new card. Otherwise it counts as a cash advance and you pay interest from the day you do the move.

[gq_fuzion]

Some credit card companies allow you to roll over debt but with a higher interest rate

but if it doesn't and you roll it over anyways, you can be charged

[Agent_J]

New cards often have a promo encouraging you to roll your debt to the new card.
yup I've seen some that were quite low, usually ~3-4%

[v00d00]

You don't *THINK* your paycheque will cover it? Well unless you get one hell of a paycheque, it's likely the amount you can't pay off will be minimal.

Just let it go.. collect interest on the small amount for one month.. pay it off next month.

So what if your interest rate is 18.5%APR and you let $500 ride for one month? It's what.. $7 interest? Less hassle then scrambling killing your credit rating applying to every card possible to try and hurry and do a balance transfer before the interest starts tacking on.

Let it go.. stop spending more than you make. If you get another card and do a balance transfer.. then you will have more credit to spend, which you will and then when the time comes that interest comes up you will have no chance in paying it down.

[JimG]

BST forum this way --> http://forums.redflagdeals.com/forumdisplay.php?f=25

Jim

[advantage21]

You don't *THINK* your paycheque will cover it? Well unless you get one hell of a paycheque, it's likely the amount you can't pay off will be minimal.

Just let it go.. collect interest on the small amount for one month.. pay it off next month.

So what if your interest rate is 18.5%APR and you let $500 ride for one month? It's what.. $7 interest? Less hassle then scrambling killing your credit rating applying to every card possible to try and hurry and do a balance transfer before the interest starts tacking on.

Let it go.. stop spending more than you make. If you get another card and do a balance transfer.. then you will have more credit to spend, which you will and then when the time comes that interest comes up you will have no chance in paying it down.

Not really. The interest is charged on the entire balance if you carry a balance. For example, his bill is $5000 and he pays $4900, the interest is accruded on the entire $5000 balance, not $100. Also, many credit cards are now charging interest on the next 2 month's balance after the amount is fully paid.

[Kevinck]

Not really. The interest is charged on the entire balance if you carry a balance. For example, his bill is $5000 and he pays $4900, the interest is accruded on the entire $5000 balance, not $100.

WOAH!?!?! Really. I have to read up about that. I always assumed you'd only be charged interest on the $100. I've never paid a cent in interest but it would be good to know this for sure for future reference.

[v00d00]

Not really. The interest is charged on the entire balance if you carry a balance. For example, his bill is $5000 and he pays $4900, the interest is accruded on the entire $5000 balance, not $100. Also, many credit cards are now charging interest on the next 2 month's balance after the amount is fully paid.
I'm guessing his bill would be no where near $5000.. considering he said "I dont THINK I'll have enough on my next paycheque to pay it off"..

I know my cards allow a 30day grace period, I thought all did.. so if you charged $500 on April 1st.. and paid $400 when the bill came in, you would then only get charged for interest on the remaining $100.

I don't quite follow what you are mentioning about some companies chargining interest for the next 2 months as if you didn't pay it off, even though you did? Maybe my 2 credit card companies are good (surprise to me), but I don't get any of that.

If I pay my card off in full on the first bill I get $0 interest.. if I leave a balance, I get interest on the remaining balance until the day it's paid off, starting from the end of the 30day grace period.

I guess that's not the norm?

[dolphie]

I guess that's not the norm?
i don't know what kind of credit card s/he has voodoo, but, yes your card IS the norm.

they're prolly thinking of a card you get specifically for a don't pay for a year deal, at let's say, the brick. you charge 5k on a don't pay for a year deal. on that deal you've signed in the fine print it's okay for them to charge you interest on 5k if it's not toally paid off within the year. so yes, technically, you could pay off 4900 of it and still owe 5k worth of interest.

With a day to day credit card they cannot do this. they cannot charge you interest on something that is paid off during the interest free period. as long as they say you have 30 days interest free they have to (and usually) give it to you.

[gman]

i don't know what kind of credit card s/he has voodoo, but, yes your card IS the norm.

they're prolly thinking of a card you get specifically for a don't pay for a year deal, at let's say, the brick. you charge 5k on a don't pay for a year deal. on that deal you've signed in the fine print it's okay for them to charge you interest on 5k if it's not toally paid off within the year. so yes, technically, you could pay off 4900 of it and still owe 5k worth of interest.

With a day to day credit card they cannot do this. they cannot charge you interest on something that is paid off during the interest free period. as long as they say you have 30 days interest free they have to (and usually) give it to you.

The grace period ONLY applies when you pay the payment in FULL (for most card anyway). If you have not paid that in full, you will be charged interest from the day you made the purchase.


Grace Period
The time between when you make a charge on your credit card and when that amount starts building interest. The grace period varies between 15 and 26 days and is part of the interest-free period. Under almost all credit card plans, the grace period only applies if you pay your balance in full each month. It does not apply if you carry a balance forward. The grace period does not apply to cash advances.

http://www.cbc.ca/consumers/market/files/money/credit/glossary.html

[gman]

More detail about partial credit card payment (http://www.cbc.ca/consumers/market/files/money/credit/partial.html).

[Kevinck]

I don't quite follow what you are mentioning about some companies chargining interest for the next 2 months as if you didn't pay it off, even though you did? Maybe my 2 credit card companies are good (surprise to me), but I don't get any of that.

There was a thread on here a couple weeks back about CIBC visa was implementing this as of April 1, 2005. Seems this idea started in the states and is in full force there. Canadian institutions are starting to adopt it too.

http://forums.redflagdeals.com/showthread.php?t=149793

Essentially if you don't pay off the balance in full, then for the next two months ALL purchases are treated as cash advances and you start paying interest on them from the date of purchase. After that two months then things go back to normal until the next time you don't pay off in full.

I think it sucks. And i hope PC mastercard doesn't implement it.

[v00d00]

Holy christ! News to me..

That blows my mind, and seems on the verge of SCAM. It's getting pretty pathetic the ways corporations are taking advantage of everyone for the goal of larger and larger profits.

No big surprise that year after year bankruptcies are on the rise... Hell, I think everyone should take an opportunity to rack up a lot of credit, buy a bunch of things, then claim bankruptcy. I have little sympathy for a company that is making billions in profits per year, charging nearly 20% interest rates + fees.

Thumbs up for stickin it to the man!

Imagine going back to the day before the Diners Club was created.. ahhhhh the old days.

[Agent_J]

There was a thread on here a couple weeks back about CIBC visa was implementing this as of April 1, 2005. Seems this idea started in the states and is in full force there. Canadian institutions are starting to adopt it too.

http://forums.redflagdeals.com/showthread.php?t=149793

Essentially if you don't pay off the balance in full, then for the next two months ALL purchases are treated as cash advances and you start paying interest on them from the date of purchase. After that two months then things go back to normal until the next time you don't pay off in full.

I think it sucks. And i hope PC mastercard doesn't implement it.
yup and as I posted before, the following credit cards have implemented this system for quite some time:
AMEX
Capital One
Citibank
MBNA

and Royal Bank recently

So basically the Americans started it, and now the Canadians are following.