How to calcuate balance transfer interest with 2 different rates.

alzibob
alzibob Posts: 2 Newbie
in Credit cards
Hi
I've got a Halifax c/c which I've used for a balance transfer on 2 different occasions.
One is nearing it's expiry and will revert to 18.7% apr.
The rest will continue at 0% apr. I'm trying to work out how much interest I'll pay on the 18.7% bt. Obviously any payments pay off the 0% bt first. I've tried using online calculators but the payment I'm making is for the whole balance , not separate for each rate.
Does anyone know how or if I can calculate it?
Clear as mud?
Thanks in advance.

Comments

  • MallyGirl
    MallyGirl Posts: 6,617 Senior Ambassador
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    it depends on your T&Cs I think.
    some apply all payments to the earliest offer when both at 0% - so that would mean that all payments to date have been reducing that part of the balance. You would need to add up all the payments and subtract them from the first BT amount to see how much, if any, is still outstanding. Then you apply the interest rate to that.
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  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
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    What MallyGirl said - most cards will apply payments to the deal that's ending soonest, all other things being equal.


    But if part of your balance is at 0%, and part is interest-bearing, then any payment will be allocated to the highest rate first.
  • molerat
    molerat Posts: 31,851 Forumite
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    Do you know how much is outstanding on each BT amount ? Up to now all payments have been against the oldest BT so that has been reducing. All payments will go against the highest interest balance once you start paying interest. Your monthly interest will be roughly balance * 1.56%
  • Chappers27
    Chappers27 Posts: 97 Forumite
    First Anniversary Combo Breaker
    Why not switch it out again so you don't have to worry about which is paid off first? Then its all bundled together.
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  • alzibob
    alzibob Posts: 2 Newbie
    Hi.
    Thanks for your replies.
    £927 will be 18.7%
    £3380 will be 0% until Aug 2018.
    I'm trying to work the interest out to see if it's worth me switching again (bt fee )
    Thanks
  • molerat
    molerat Posts: 31,851 Forumite
    Name Dropper Photogenic First Post First Anniversary
    £927 will start at around £14.50 interest for the first month.
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