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That was fast. Figuring out Citi

September 21st, 2006 at 08:43 am

Ok so I just got the email stating that the transfer had been completed! Seriously, I got out of the shower, had been contemplating the Citi portion of this entry, so sat down at the computer, had no new email, clicked New Entry and an email came through. Sweet!!! Now it says that there is a 48 to 72 hour delay in updating their database with the information. But that still gets me out of there before October 1!! Yipee! I'm going to wait til next week though before spending the money. Just to make sure everything clears. Oh man what a load off.

Ok onto Citi. I was looking at the new statement I got today and trying to figure out why the daily average balance for the balance transfer didn't get affected that much. And I think I figured it out. For some reason, I was under the impression that the interest you acrue on the higher balance would just get added back into the higher balance and keep acruing until you paid the balance transfer off. I really wish I knew where I come up with this stuff. Anyway, I think it's more along the lines of, they take out all interest payments, they apply it to purchases that are in grace period, and then whatever is left goes to principle of the balance transfer. Since this is the first statement with the balance transfer it looks sorta odd. But I also forgot to add in the fee associated with the balance transfer so it makes sense now. Plus it doesn't help that I'm still paying bills with that card. I figure it'll be November's statement before I can get a real idea of how this will work without me incurring more debt.

Until then, I'm keeping track of when my stepbrother pays me back. I am using my own figures to calculate interest since my regular payment is also being used to pay off his balance until the balance transfer is paid off. My goal is to have the bt paid off before my stepbrother is done paying me back, that way whatever he is still paying me I'll just use as extra payment to make up for the months when I wasn't making a dent in my own balance.

I'm going to use their Balance Subject to Finance Charge as a comparison for how much is left to pay on the balance transfer. According to the statement, the balance subject to finance charge is: 1,901.67. The amount my spreadsheet says my stepbrother currently owes me is: 1,970.60. So I'm definately on track.

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