0% balance transfer for 20 months, 0% on purchases for 3 months

nadge

This may be a stupid question but Ive just got a credit card with 0% on balance transfers for 20 months and 0% on purchases for 3 months. I have transferred most of the balance and have spent a small amount. My question is when i pay back will it class as money of my purchases or money of my transfer? Because i was thinking after 3 months are they going to start charging me interest for the purchases until i pay the whole thing off or will what i pay class as coming of the purchases 1st?

Tixy

Depends on the card. It will say in the T&Cs what order of balances payments are allocated in.

When 2 balances are on 0% some first pay off the one that will have the highest rate once the promos have finished.
Some pay off the deal that ends soonest first. Some allocate to the deal that started first, first.

Your T&Cs will say.

Certainly no matter what they do in the first 3months, as soon as the purchases are being charged interest then after that point they have to allocate your payments to the purchase balance before the 0% balance - so you definitely won't be stuck paying interest on a small amount until the whole BT balance is paid.

nadge

Tixy wrote: »

Depends on the card. It will say in the T&Cs what order of balances payments are allocated in.

When 2 balances are on 0% some first pay off the one that will have the highest rate once the promos have finished.
Some pay off the deal that ends soonest first. Some allocate to the deal that started first, first.

Your T&Cs will say.

Certainly no matter what they do in the first 3months, as soon as the purchases are being charged interest then after that point they have to allocate your payments to the purchase balance before the 0% balance - so you definitely won't be stuck paying interest on a small amount until the whole BT balance is paid.

Thanks for your help. I will be sure to check the T & C's