So, I'm about to hit the end a promotional period on a credit card that I used to buy an engagement ring. I'm looking at about $3000 in interest added back onto the card, which I don't really want, so I'm looking to transfer the balance to a new card.
I'm reading the terms and conditions of the new card application, and one sentence caught my eye, and has me a bit confused. See below.
Does the highlighted sentence mean that interest will be charged against the pre-existing balance?
I know there will be a balance transfer fee, but it will be pennies compared to the end-of-promotion-interest that will get tacked on if I let it.
I would gain nothing by transferring a balance from the about-to-expire-card to this new one?
If the total amount you request exceeds your Total Credit Line, we may send full or partial payment to your creditors in the order you provide them to us. Allow at least 2 weeks from account opening for processing. Continue paying each creditor until the transfer appears as a credit. Balance Transfers incur interest charges from the transaction date. If you revolve your balance to take advantage of a promotional or introductory offer, all transactions and balances, including purchases, will be charged interest. The Balance Transfer fee is 3% of the amount of the transaction (min. $10). If you have a dispute with a creditor and pay that balance by transferring it to your new account, you may lose certain dispute rights. Balance Transfers may not be used to pay off or pay down any account issued by Bank of America, N.A., FIA Card Services, or its affiliates.