Is it possible to default on a credit card and still keep a 0% balance transfer?

Tips and Deals Forums Consumer Credit Credit Cards Is it possible to default on a credit card and still keep a 0% balance transfer?

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    • #221288
      Anonymous
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      A while back I opened a Citi Platinum Select Mastercard. I did a balance transfer to it of a fairly large balance and paid it quite regularly for many months. Then one month (which was about a month or two ago), I missed the payment by 4 or 5 days. I don’t know why I stupidly waited til the last minute to pay it, but it was a Friday night when I got home from work, and I saw that it was due on that Friday. The following Monday was a holiday, so it was about 4 or 5 days late and processed on Tuesday or Wednesday. I figured I had defaulted everything and that the 0% apr offer was gone. I quickly yanked the balance onto another existing credit card that had recently come up (0.99% APR for a year with Chase, and the entire balance transfer amount per card capped at $99). I paid a $39 late fee for the month of November I think it was. Since then, I’ve had a “Late Payment Warning” sitting on my account online, even after my new statement that is due in December has been issued. I still see “Late Payment Warning: If we do not receive your minimum payment by Dec. 9, 2009, you may have to pay a $39.00 late fee, and your APRs may be increased up to the Penalty APR of 29.99%.” I already paid a late fee of $39 for November, and of course, December or any other payments will not be late. But this message doesn’t go away now. It seems like my APR/balance transfer amount is 0% still, even though my account balance is now $0 due to the former balance transfer that I did when I thought I had defaulted.

      They themselves say in their terms that if you default by being late on the payment, the APR % goes up to like 29.99%. I see 0% still in effect.

      What’s with this message on the account? Is it just a “reminder” that they set on your account permanently to try to make sure you don’t pay late again, after you do it once? Has anyone else had this happen before? It was my first late payment ever, in 5 years of credit history. The last time I checked, I had a 750+ credit score and excellent credit. Not sure if they considered it “30 days late” in the sense of the grace period and dinged me on my credit report or not.

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