Can I do this with my credit card?

sophie131

I have a credit card with £1000 which I am paying £75 a month to clear which is 0% until August so I will be paying interest on it for a few months until it's paid off.

I now have an offer to transfer money to my current account at 0% for 16 months which would be great to pay my uni fees with in September.

If I transfer £1000 under this offer and continue to pay £75 - where will this money go while they are both 0% - will it come off the original £1000 or will it come off the current account transfer.


I hope this makes sense - it is clear in my mind!!

JSR

When there are two 0% deals running most credit card companies allocate the payment to the offer that expires first. There are no set rules about this though so the best bet is to ask.

I suspect your card is backed by Bank of America as I think they are the only ones offering money transfers at the moment and they have this to say:

Full details about how the payments will be allocated can be found in your terms and conditions. However, by way of example, if you have two or more promotional offer interest rates on your account at the same rate, e.g 0%, then your payment will go towards paying off the promotional offer with the earliest start date. If the promotional offers both started on the same day, then the promotional offer that will become the highest standard interest rate when the promotional offer ends will be paid off first.