Urgent Shuffling Needed!

wonkles

Hi there,

Need some help with this one! I currently have a Barclaycard which I have £569 of new purchases on. I also have a Virgin Mastercard with a balance of £1860. I've just arranged a balance transfer to move the Virgin £1860 to the Barclaycard at 0% for 12 months. However, I'd like to balance transfer the purchases from the Baclaycard to the Virgin Mastercard (also at 0% for 13 months). Is this going to work? Is it possible to request a transfer of specific debts or will they lump the £569 in with the £1860 I've just transferred? I could request the balance transfer of £569 to Virgin today and hope that the two magically pass like ships in the financial night. However, I have a feeling that the £1860 will arrive with Barclaycard before the £569 has moved anywhere and I'll still end up having high interest against the purchases. Hope this makes sense!

grumbler

wonkles wrote: »

...However, I'd like to balance transfer the purchases from the Baclaycard to the Virgin Mastercard (also at 0% for 13 months). Is this going to work?

Yes

Is it possible to request a transfer of specific debts

No

or will they lump the £569 in with the £1860 I've just transferred? I could request the balance transfer of £569 to Virgin today and hope that the two magically pass like ships in the financial night. However, I have a feeling that the £1860 will arrive with Barclaycard before the £569 has moved anywhere and I'll still end up having high interest against the purchases. Hope this makes sense!

The payment from Virgin to Barclays will get allocated against the part of the balance with the highest interest rate, i.e. purchases in your case.

chattychappy

Agree with the analysis above.

Given the balance transfer fee(s) involved, I wouldn't transfer anything you are paying off within a month or two. (And of course, you will have to pay some of it off by virtue of the minimum repayment on both cards.)