Interest: when Balance Transfer + Purchases at the same time
Was reading the terms of a credit card:-
''You will pay interest on purchases unless you pay your full Account balance by the payment due date. For example, if you complete a balance transfer for $300 and spend $200 in purchases during the same statement period, you must pay the entire balance of $500 before the payment due date to avoid paying interest on your purchases. You will be charged interest if you only pay the amount owing for your purchases.''
Shouldn't the $300 be charged at % applicable to balance transfer rate and $200 be charged at % applicable to purchases.
Why it is saying $500 needs to be paid to avoid interest on purchases when someone may pay in full the $200 used for purhase and continue using the $300 as balnce transfer ?
''You will pay interest on purchases unless you pay your full Account balance by the payment due date. For example, if you complete a balance transfer for $300 and spend $200 in purchases during the same statement period, you must pay the entire balance of $500 before the payment due date to avoid paying interest on your purchases. You will be charged interest if you only pay the amount owing for your purchases.''
Shouldn't the $300 be charged at % applicable to balance transfer rate and $200 be charged at % applicable to purchases.
Why it is saying $500 needs to be paid to avoid interest on purchases when someone may pay in full the $200 used for purhase and continue using the $300 as balnce transfer ?
