Balance Transfer Offer Contradiction Question

[123ablack]

Hi,
I got an offer from Bank Of America for a balance transfer and the offer seems a little unclear

0% promotional APR through your billing cycle that ends in Oct. 2013
When the promotional APR endsthh APRfor these promotinal balance will increase to a Check Cash Advance rate of 19.99% this rate will vary with market based on the US prime rate, this variable rate will remainin effect indefinitely.


The letter ends with the following though:

Paying Interest: We will Begin charging interest on these transactions on the transaction date.

What I'm unclear about is, why does the letter state that my interests will be charged on the transaction date while the offer is 0% APR till oct 2013?

[Saver2000]

Hi,
I got an offer from Bank Of America for a balance transfer and the offer seems a little unclear

0% promotional APR through your billing cycle that ends in Oct. 2013
When the promotional APR endsthh APRfor these promotinal balance will increase to a Check Cash Advance rate of 19.99% this rate will vary with market based on the US prime rate, this variable rate will remainin effect indefinitely.


The letter ends with the following though:

Paying Interest: We will Begin charging interest on these transactions on the transaction date.

What I'm unclear about is, why does the letter state that my interests will be charged on the transaction date while the offer is 0% APR till oct 2013?

I think it means that when the promotional time period is up (10/13) they will retroactively charge interest on the remaining balance.   

[123ablack]

I think it means that when the promotional time period is up (10/13) they will retroactively charge interest on the remaining balance.

Still don't get it.. Care to elaborate?

[mmermss]

I think it means that when the promotional time period is up (10/13) they will retroactively charge interest on the remaining balance.

Kinda funny...I was going to write that too but it said on the transaction date and not from the transaction date..so it made me not sure if it made any sense.

[123ablack]

So which of the paragraphs is right?

[123ablack]

Anybody to explain please?

[Saver2000]

Maybe call BOA and ask them?

[Redbull3]

Maybe one is for balance transfers and one is for purchases? But definitely PUTPAC rather than guess.

[bubbles]

Not sure what the question is. They start charging interest from the transaction date for balance transfers. Happens to be for you the rate is 0% at the beginning

[HelpMe]

Not sure what the question is. They start charging interest from the transaction date for balance transfers. Happens to be for you the rate is 0% at the beginning

...and once that promo period ends you will be paying 19.99% from that point on, not from the beginning of the promo.

[123ablack]

Not sure what the question is. They start charging interest from the transaction date for balance transfers. Happens to be for you the rate is 0% at the beginning

...and once that promo period ends you will be paying 19.99% from that point on, not from the beginning of the promo.

Thank you both. That pretty much explains it!