Transferring Purchases

100mel

I have a credit card where the balance transfer period is longer than the purchases. My question is - could I balance transfer all the purchases when the 0% ends in October and would the 0% remain on the balance that I transferred. I did this before reading this forum and am now much wiser on the transfers versus purchases !

Mel

CLAPTON

no, they will transfer the debt with the longest 0% period so leaving you with the interest bearing debt...

never mix 0% BTs with 0% purchases unless they are for the same period

YorkshireBoy

Which card is it? If it's Nationwide or an MBNA run card you may be in luck.

Milarky

YorkshireBoy wrote: »

Which card is it? If it's Nationwide or an MBNA run card you may be in luck.

Was aware of Nationwide's 'positive order' of payments but not MBNA's. For this you must be relying on conditiion '2f':

2f We will use your payments to pay off balances at lower interest
rates before those at higher interest rates, including transactions made
after your last statement date but before the date we receive your
payment. If any standard interest rate and any promotional offer
interest rate are the same, we will pay off your promotional offer
interest rate first. If you have two or more promotional offer interest
rates on your account which are the same, we will pay them off in the
following order: first we will pay off the balance at the promotional offer
interest rate which expires first or, if two or more promotional offer
interest rates expire at the same time, we will pay off the one which
would otherwise have had the earliest start date. If two or more
promotional offer interest rates have the same expiry date and would
otherwise have the same start date, we will first pay off whichever has
the lowest standard interest rate. Then we will pay off balances in the
following order: card purchases; balance transfers; cheque transactions
and money transfers before cash transactions.

YorkshireBoy

Milarky wrote: »

Was aware of Nationwide's 'positive order' of payments but not MBNA's. For this you must be relying on conditiion '2f':

Yup. Can't remember when it changed though (last couple of months or so?)...that's why I said OP "may" be in luck.

100mel

I have a virgin card - 0% on balance transfers until sept 09 - assume I have balance transferred 3k and make 1k in purchases until interest free on purchases ends when I balance transfer the amount equal to purchases exactly - surely the original balance transfer amount upon which I paid a fee still attracts 0%?

YorkshireBoy

100mel wrote: »

I have a virgin card - 0% on balance transfers until sept 09 - assume I have balance transferred 3k and make 1k in purchases until interest free on purchases ends when I balance transfer the amount equal to purchases exactly - surely the original balance transfer amount upon which I paid a fee still attracts 0%?

Not necessarily. A few months ago your purchases would have been locked in at 15.9% APR. Like I said earlier, the T&C's changed recently. What does it say in condition 2f of your (ie the ones you put your signature to) T&C's?

100mel

So I would have to transfer the whole balance including the balance transfer to another card to continue to get 0%?

YorkshireBoy

100mel wrote: »

So I would have to transfer the whole balance including the balance transfer to another card to continue to get 0%?

It depends on what condition 2f says in your T&C's say. Without knowing this, it's impossible to say yes or no. That's why I asked you to check them.

Lets try a different approach...if they say as Milarky posted earlier, then just pay off the purchases balance (by it's due date - do you KNOW when this is exactly?)...other wise, then yes, the £1,000 will attract 15.9% APR (£160 a year) until you completely clear the card.