Balance transfer proportions?

nickdude3

Hi,

I have £3500 on a Barclaycard, with 2 different rates. £2000 is at 0% from a previous BT, and £1500 is at 9.9% from cash withdrawals.

I have the opportunity to transfer up to £1900 to a new 0% BOS card. If I BT £1500 from BC to BOS will that be the 'cash' portion of the BC debt moved, leaving the whole debt at 0%, or will I still be paying BC 9.9% on £1500?

I know monthly payments are applied to highest interest portions first, but not sure if that applies in this instance. Any help much appreciated.

grumbler

nickdude3 wrote: »

I have £3500 on a Barclaycard, with 2 different rates. £2000 is at 0% from a previous BT, and £1500 is at 9.9% from cash withdrawals.

9.9% is a surprisingly low rate for cash.

I have the opportunity to transfer up to £1900 to a new 0% BOS card. If I BT £1500 from BC to BOS will that be the 'cash' portion of the BC debt moved, leaving the whole debt at 0%,

Yes

I know monthly payments are applied to highest interest portions first, but not sure if that applies in this instance.

It applies to all incoming payments. A BT is just a payment from one CC company to another.

nickdude3

Many thanks, Grumbler. I would 'thank' you properly, but I cannot see where to do it. Bloody newbies!

nickdude3

Ah, it appeared after I replied.