Does a balance transfer also pay off this months bill?

Izual_Rebirth

Got a card with HSBC with £3000 on it. Just done a 0% balance transfer for £2000 to another card.

Will that balance transfer also negate this months bill on the HSBC card? Or will I still need to pay this months bill?

Would be nice to go for one month without having to pay my card bill so I can stick a bit of money away in my holiday savings account!

SnowTiger

Izual_Rebirth wrote: »

Got a card with HSBC with £3000 on it. Just done a 0% balance transfer for £2000 to another card.

Will that balance transfer also negate this months bill on the HSBC card? Or will I still need to pay this months bill?

You'll probably need to pay this month's bill or you can look forward to receiving a late fee.

And there will typically be some additional interest added to your HSBC account to cover the interest you accrue between the date of the last statement and the date the balance transfer occurred.

Izual_Rebirth

SnowTiger wrote: »

You'll probably need to pay this month's bill or you can look forward to receiving a late fee.

And there will typically be some additional interest added to your HSBC account to cover the interest you accrue between the date of the last statement and the date the balance transfer occurred.

That's fine. It's Direct Debit anyway so no chance of it not being paid. More hope than expectation to be honest.

Thanks for the quick response.

YorkshireBoy

SnowTiger wrote: »

You'll probably need to pay this month's bill or you can look forward to receiving a late fee.

Unlike purchase refunds, which often don't, the credit resulting from the BT will satisfy this month's payment, providing it hits (and clears) the HSBC account between the statement date and it's respective payment due date.


EDIT: I see you've now added the DD bit in your subsequent post. I can't remember what happens, specifically, with HSBC DDs...ie whether they're still called or not. If your payment lands within a 3-5 day window before the DD collection date it almost certainly will still be called.

MrsTinks

Main point I think is when does your DD normally go out... and when will the BT hit the account...

chattychappy

Yes, it counts as a payment. Provided it arrives between the statement date and due by date then no further payment is necessary.

Izual_Rebirth

MrsTine wrote: »

Main point I think is when does your DD normally go out... and when will the BT hit the account...

BT is sometime next week. DD is last working day of the month.

MrsTinks

Should count as your payment then does it clear the full balance of the card?