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  • FIRST POST
    • jowie
    • By jowie 14th Jul 17, 9:09 AM
    • 193Posts
    • 80Thanks
    jowie
    Barclaycard account with multiple promotional rates
    • #1
    • 14th Jul 17, 9:09 AM
    Barclaycard account with multiple promotional rates 14th Jul 17 at 9:09 AM
    Hi!

    I have a Barclaycard with four (yes four!) promotional rates on it... Three money transfers and one balance transfer. I just received an email telling me that one of the money transfer promotional rates will be ending on 1st August and suggesting I pay it off.

    I know that if I pay towards my credit card, it will pay off my balance starting at the highest APR first. However, since it is all on 0% until 1st August, do I need to wait until then before paying off the "offending" balance, or is it clever enough to know that I want to pay off the expiring one first? Obviously I want to do it as soon as possible so as to not build up any interest.

    Thanks!
Page 1
    • zx81
    • By zx81 14th Jul 17, 9:16 AM
    • 14,390 Posts
    • 15,184 Thanks
    zx81
    • #2
    • 14th Jul 17, 9:16 AM
    • #2
    • 14th Jul 17, 9:16 AM
    Where you have multiple promos at the same rate, payments will be allocated according to the terms. What do yours say?
    • jowie
    • By jowie 14th Jul 17, 9:26 AM
    • 193 Posts
    • 80 Thanks
    jowie
    • #3
    • 14th Jul 17, 9:26 AM
    • #3
    • 14th Jul 17, 9:26 AM
    On the statement, it says that the statement is paid in the order set out in the summary box, but this says nothing about allocations based upon expiry dates:
    Your payments will be applied in the following order:
    • Make any purchase plan payments due for that month.
    • Reduce your main balance (your statement balance less any purchase plan balance). We'll start with the balances charged at the highest interest rate first and then reduce the lower rate balances, and then
    • If you've taken out any purchase plans, to reduce any remaining purchase plan balance.
    Please see your Barclaycard Conditions for further details.
    Unfortunately, in order to see my terms and conditions, I need to request they send them to me via post, which can take up to 10 working days!
    • sjb76
    • By sjb76 14th Jul 17, 10:57 AM
    • 16 Posts
    • 6 Thanks
    sjb76
    • #4
    • 14th Jul 17, 10:57 AM
    • #4
    • 14th Jul 17, 10:57 AM
    They allocate the money to balances with the highest interest rate and then the offers which are expiring the soonest. (I'm in a similar situation with 3 BT's on my Barclaycard)

    • jowie
    • By jowie 15th Jul 17, 1:48 PM
    • 193 Posts
    • 80 Thanks
    jowie
    • #5
    • 15th Jul 17, 1:48 PM
    • #5
    • 15th Jul 17, 1:48 PM
    Ah cool, so I should be able to pay off the expiring balance now before it ends and I start getting charged interest... Great thanks!
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