No. of Recommendations: 0
Am I wrong in assuming that I will be making my payments and they will go toward my 9% interest,
while the 6 new purchases with 15% interest will be accumulating the higher rate?<<

I would virtually guarantee you that you'll be paying off the 9% balance first, and the 15% balance last. These deals really tick me off; I just cancelled a card that offered to upgrade me to a platinum visa if i would only cash this $3000 cash advance check, which would be posted to my account at the cash advance rate (21.9%). So while I'm paying off the original balance of $8000 at 13.9% this new $3000 is racking up enormous interest

Even worse, they had a little Q&A section where they proposed that if you didn't need $3000, you cash the check and apply whatever you don't need towards paying off the balance, and that way you don't get more cash than you need. Win win situation, right? Wrong. It's a real easy way for them to sucker some folks into voluntarily converting 14% debt to 22% debt. And they do it by waving the "platinum visa status symbol" under your nose.

It strikes me as downright dishonest, and I decided I'd rather not do business with them. That 14% balance is the next in line to get paid off anyway.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.