We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Balance Transfer Question
JohnInDebt
Posts: 893 Forumite
Hello,
I currently have approx. £4000 on a Barclaycard with approx. £2000 at 6.9% LOB and approx. £2000 on the standard rate of 16.9%.
I've just been accepted for a Tesco card with a £2000 limit and with a 0% deal for 9 months. If I transfer over the maximum that I'm allowed (95% of limit) will it take it from the highest APR on my Barclaycard or will it take it from the 6.9% LOB?
I know that for payments they have to take it from the highest APR first (which they have been doing) but I'm not sure if hey also have to do this for Balance Transfers.
Many thanks for any help you can offer.
I currently have approx. £4000 on a Barclaycard with approx. £2000 at 6.9% LOB and approx. £2000 on the standard rate of 16.9%.
I've just been accepted for a Tesco card with a £2000 limit and with a 0% deal for 9 months. If I transfer over the maximum that I'm allowed (95% of limit) will it take it from the highest APR on my Barclaycard or will it take it from the 6.9% LOB?
I know that for payments they have to take it from the highest APR first (which they have been doing) but I'm not sure if hey also have to do this for Balance Transfers.
Many thanks for any help you can offer.
Disclaimer: Any spelling mistakes or incorrect grammar is purely coincidental and in no way reflects the intelligence of the author.
0
Comments
-
There's no distinction. A payment is a payment, whether it's a direct debit, manual payment, or a balance transfer. All money coming into the account is treated the same.0
-
As far as i know BT payments are classed as normal payments as when i get a statment it says "Payment Recieved - Thank You".0
-
Thanks! :beer:Disclaimer: Any spelling mistakes or incorrect grammar is purely coincidental and in no way reflects the intelligence of the author.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards