Help understanding 0% Purchases

Miss_Spendalot_2

parent_of_too_many wrote: »

If it's a Virgin Card, yes, apparently.

What card is it? I'll check for you?

Thank you so much it is Nationwide x

parent_of_too_many

Just checked and Nationwide will, if you have two balances both at the same introductory interest rate, allocate the payment to the balance with the earliest introductory rate expiry date.

So in your case, like I said in earlier posts, the purchase balance will be paid off first, and any payment you make will go towards that balance first.

I accept I was wrong regarding the Virgin Card, but I think that's a bit of an oddball to be honest?

YorkshireBoy

parent_of_too_many wrote: »

Just checked and Nationwide will, if you have two balances both at the same introductory interest rate, allocate the payment to the balance with the earliest introductory rate expiry date.

But be aware that they only allocate payments to statemented transactions so, whilst you 'may' get away with it in months 1 and 2, the chances are you won't in month 3...and hence will incur the residual interest I mentioned earlier.

So in your case, like I said in earlier posts, the purchase balance will be paid off first, and any payment you make will go towards that balance first.

With the above caveat on purchase timing and statemented transactions.

I accept I was wrong regarding the Virgin Card, but I think that's a bit of an oddball to be honest?

Not really. I suspect, going on the numerous posts we see on here, and the articles on the main site, Nationwide are by far in the minority.

Miss_Spendalot_2

parent_of_too_many wrote: »

Just checked and Nationwide will, if you have two balances both at the same introductory interest rate, allocate the payment to the balance with the earliest introductory rate expiry date.

Thank you for checking that out for me it is much appreciated.

parent_of_too_many

Mrs.T20 wrote: »

I did this and it is a big mistake. They will pay off the longest 0% first as they are a bank and want to make money.

Have you read any of the previous posts before you decided to post this "advice" / rubbish?

Miss_Spendalot: Please ignore the quoted post. My previous post (when I checked for you) was information taken from Nationwide's credit card repayment terms summary, and so is correct.

There is no reason at all to avoid balance transfers to a 0% card, so long as you check their personal terms (Like I should have done regarding the Virgin Card ), and they are acceptable to you.

thenudeone

"parent of too many"'s last post is correct, assuming that the terms on the Nationwide's website apply to all current cards.

It currently states:

We will apply payments first to debts appearing on your statement in a high to low interest rate order, and then to any transactions that have not yet appeared on your statement, in the same high to low order. If you have more than one balance with the same interest rate we will reduce the balance with the earliest expiry date first

http://www.nationwide.co.uk/creditcard/credit-card/offer-deals.htm?intcmp=Intcmp_1162

So they will use payments in the most beneficial way.
Any payment will go towards the earliest offer to expire, in this case - purchases.