What is the difference in balance transfers and in-store pay offs using a new credit card?

Question

We recently got a new credit card to use the balance transfer with 0%APR. for 6 months. What is the difference in doing that vs. going into the store and paying off the bill using the card? Thanks.

Answer 1

I'm not sure what you mean by "in-store pay offs".

If you pay your balances on any of your other credit accounts (i-e: major, store, gas..etc) *on your own* using your new credit card, this transaction will be applied as purchase or cash-advance in some cases depending on your new card company. In other words, those terms (i-e: purchase or cash APR) apply instead of your "balance transfer terms".

If you use your new credit card company to get the balance transfer job done (when approved), their terms would apply. In your case that'd be 0%APR for 6 months and __% after.

(p/s: I believe, you do know what balance transfers mean and how it works.)