Which rate would the balance transfer pay off?

mraven

Hi,

I currently have a Virgin credit card with a credit limit of £5500 and an existing balance of £1400 on it, on which I am paying interest. Virgin have offered me 0% on balance and money transfers until next November 2012, which as my credit score is good but not brilliant I'm taking advantage of.

I've applied for a money transfer of £1000 to clear my overdraft (which I'm paying interest on) and a balance transfer of £2500 to clear my HSBC credit card (which I would be paying interest on from December 2011 if I don't clear it as the 0% on that card comes to an end).

What I want to do is then take out a new 0% balance transfer card that I can then put the existing Virgin balance of £1400 on, so I'm not paying interest on that debt either. My question is, will it be that £1400 which is transferred? Or will the money / balance transfers that I've just applied for take priority?

I'm 80% sure that it will work but the Virgin communication centre server isn't working so I can't contact them right now and wondered if anyone here would be able to put my mind at ease.

Thanks, Mike

mynameisdave

If you make a payment to a credit card - cash, from your bank card, via Internet Banking, or by shifting it to another card then it should go to paying the highest rate interest.

mraven

Thanks, that's what I thought but I just wanted some reassurance. Thanks again!