Two balance transfers, same card, help please.

Dawning

Last year I did two BT's to my MBNA card. I thought both of them ended in May this year and was ready to transfer to a different card, or pay off balance.
I've just noticed that the first amount is until May 2012, but the other amount, £700 I transferred last September, is on a 0% basis until October 2012.
How will this work? Which part of the balance have my payments been going towards? In other words, will I be ok to pay off the balance in May 2012 less the £700 and keep paying that off till October will it still be on 0%?

YorkshireBoy

The answer to your question can be found in the 'payment allocation' section of your T&Cs. If they're the same as the current online T&Cs for the Virgin card (also run by MBNA) then it'll be found in condition 4.2 and say...

if your account has two ormore promotional rates which are the same:


we will first pay off the part of the balance that has the earliest promotional rate start date;


if the promotional rates have the same start date, we will then pay off the part which will be charged at the highest standard rate at the end of the promotional period.

bengalknights

The may balance will be paid down first

Dawning

Thanks very much.

thenudeone

bengalknights wrote: »

The may balance will be paid down first

You can't possibly tell, because the OP hasn't said which offer STARTED first.

You've assumed that the offer which ends soonest will be paid first. That may not be true. The Ts and Cs clearly state that the offer which STARTED first will be paid first, so - which offer started first?

splatt30

My Virgin card (which is from the MBNA stable) now shows a break down of exactly how much is owed on each promotion and when that promotion ends. That will allow you to see where your repayments have gone. If in doubt phone them up and ask how much is owed when.
Simples

bouncydog1

Mbna have confirmed to me in writing that when there are 2 0% balance offers payments will go towards the offer that started first regardless of which one ends first. Very important to set up a spreadsheet to track them otherwise you could get caught out on the interest.