Balance transfer question
Lozkin
Posts: 2 Newbie
in Credit cards
Hi guys
I've read the T&C of my MBNA account this morning but can't find the answer so wondered if someone could advise.
If I have, for example, a £2,000 standard balance @ 18.9% and a £2,000 money transfer balance @ 20.9%, and decide to transfer £2,000 to a new card, which of the balances will be transferred?
I'm hoping it's the higher rate!
I've read the T&C of my MBNA account this morning but can't find the answer so wondered if someone could advise.
If I have, for example, a £2,000 standard balance @ 18.9% and a £2,000 money transfer balance @ 20.9%, and decide to transfer £2,000 to a new card, which of the balances will be transferred?
I'm hoping it's the higher rate!
0
Comments
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The higher rate balance. A BT is simply a payment.0
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thank you0
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Only if they've reached and been on a statement though.
e.g. if you have £2000 at 0% due to a balance transfer and has been on a while, then buy something for £2000 and a couple of days later do a £2000 payment, it won't pay off the £2000 standard purchase as that as not yet been on a statement.
I found this out to my cost once. It's because you are paying an amount towards whatever was shown on your last statement, not off the current balance.0 -
Only if they've reached and been on a statement though.
e.g. if you have £2000 at 0% due to a balance transfer and has been on a while, then buy something for £2000 and a couple of days later do a £2000 payment, it won't pay off the £2000 standard purchase as that as not yet been on a statement.
I found this out to my cost once. It's because you are paying an amount towards whatever was shown on your last statement, not off the current balance.0 -
Not with MBNA. They will credit to the highest interest item even if it has not appeared on a statement.
Hmm, they didn't with me when I bought a car with it recently then a few days later did a balance transfer to move it onto another card at 0%. Instead it took off all the existing balance (which was already at 0%) and left most of the car purchase on.
Maybe I did it too quick before it had even cleared on the MBNA one.0
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