order of payments

paulsignal

Apart from the nation wide card are there any others which pay off the dearest debt first when making payments to them

YorkshireBoy

Saga Platinum, but you'll need to be over 50 to get it?

johnllew

M&S &more card.

YorkshireBoy

johnllew wrote: »

M&S &more card.

The summary box seems to indicate otherwise John...

http://www6.marksandspencer.com/pdf/CCSummaryBox.pdf

johnllew

You need to see the back of the statement for full allocation details, in particular where they state that all other balances are paid off prior to 0% Qulaifying Furniture Purchases.

normanmark

johnllew wrote: »

You need to see the back of the statement for full allocation details, in particular where they state that all other balances are paid off prior to 0% Qulaifying Furniture Purchases.

Thats wrong, their card pays off the lowest APR first leaving the Cash Advance APR as the last to be paid, which doesn't make it a positive order of payments card.

johnllew

johnllew wrote: »

You need to see the back of the statement for full allocation details, in particular where they state that all other balances are paid off prior to 0% Qualifying Furniture Purchases.

normanmark wrote: »

Thats wrong, their card pays off the lowest APR first leaving the Cash Advance APR as the last to be paid, which doesn't make it a positive order of payments card.

No, it's not wrong; I quote from my October 2008 statement:

We will apply payments we receive to your Account in the following order:

1. Interest, Insurance Premiums, fees and charges
2. Balance Transfers
3. Purchases (other than Qualifying Furniture Purchases)
4. Cash Advances
5. Qualifying Furniture Purchases

The highlighting is mine. Qualifying Furniture Purchases are purchases over £1000 which qualified for a 0% over 2 years promotion; all other items are paid off first before the QFPs. I know this for certain because I have such purchases.

normanmark

A positive order of payment means the highest APR is paid off first. In the M&S card case the highest APR is the Cash Advance rate. That is paid off 4th which therefore doesn't make it a positive order of payment.

johnllew

normanmark wrote: »

A positive order of payment means the highest APR is paid off first. In the M&S card case the highest APR is the Cash Advance rate. That is paid off 4th which therefore doesn't make it a positive order of payment.

The OP asked which cards paid off the dearest debt first. In the circumstances I have quoted, M&S does indeed pay off all other items before the 0% balance.