Offer 04 Moved To Standard Purch
In the comments section, we have some readers that questioned the line item OFFER 04 MOVED TO STANDARD PURCH in their credit reports.
Line item OFFER 04 MOVED TO STANDARD PURCH means that an offer of a 0% balance transfer granted to a cardholder is now expired and the conditions move back to the percentages of standard purchases measured in APR.
Offer 04 is the offer of a 0% balance transfer, normally with CITI cardholders. On the date indicated in the line item, the condition returns to the percentages that apply in typical purchases concluded with the credit card. For example, the 14.99 % of APR, but this APR should be analyzed case by case.
In the case that this modification in the contractual conditions with the card issuer is unexpected, your next step should be to call customer service and try to solve it through a customer service representative.
The Executive Resolution department will be also involved. This is better for you, so the issue is investigated quickly by the card issuer.
In this case, generally speaking, if the balance had been moved to a higher interest rate, the law states that any amount paid above the minimum balance must be applied to the highest interest rate.
In your request to the CSR and or to Executive Resolution, ask them to send you a statement on which date the Offer 04 expired, so you were made responsible for the higher interest rate after this date in case there are unpaid balances.
Likewise, request the issuer (CSR and or Executive Resolution) to state in writing this situation. If nothing is obtained from this process, take note of the complaint number because you can access the Consumer Financial Protection Bureau.
OFFER 04 PROMOTIONAL APR ENDED
Most of the time, the line item OFFER 04 MOVED TO STANDARD PURCH is matched by the line item OFFER 04 PROMOTIONAL APR ENDED. Therefore, CITI cardholders would see both line items on their statement.
Without the promotional APR period, remember that the unpaid balance begins accruing interest and all operations with merchants will be standard purchases with the APR agreed upon (entry STANDARD PURCH)
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.
Consumers who received this charge as a line item in their statement, usually also received the following ones, which might be related:
We explain, first of all, how to calculate interest after the promotional period, after a debate between readers in the comments section.
We have analyzed the most common charges that our readers are receiving. The majority of them coming from Fidelity.