Credit card balance transfers

Timay

Hi

I was just wondering about the 0% balance transfers.

I'm sorting out my finances and have a barclaycard credit card and I have made 3 balance transfers to this card

1st for 0% until May 2016. £2500

2nd for 0% until September 2014 £490

3rd for 0% until October 2014 £360

I was just wondering how these will be paid off.

I'm going to pay as much as I can each month (Approximately £200)

Are all balance transfers paid off equally or is it the largest balance first leaving the smaller balances?

I know credit card companies now have to pay off the highest interest rates first but basically just wondering what happens with 0% deals that run at the same time but for different length of time.

whateva

Credit card companies pay off your oldest debts first if the interest rate is the same.

If the rate is 0% why not pay the minimum payment and put the rest somewhere where it can earn interest until the 0% deal runs out?

[Deleted User]

You need to check the t&cs. They may apply the payments to the promo with the earliest start date, or the earliest end date.

wellsy07

With my Barclaycard, I had 3 balances at one point, and
Any payments you make go to the deal that end soonest

On your statements you should be able check to confirm this as it breaks the balances Down so then you should see which figure is dropping after payments
Are made.
So the larger one you have may 2016 will just sit there until
You clear the others.
Can always ring to get confirmation, I did for peace of mind

onerickylambert

Repayments will be applied to balances expiring first so

1) 1st for 0% until Sep 2014 2016. £490

2) 2nd for 0% until Oct 2014 £360

3) 3rd for 0% until May 2016 £2500

As another poster said, why not pay the minimum on the card and the £200/month into an easy access savings account to earn interest, then pay off the promotional rates just before they expire.

Remember not to spend on the card now you have BTs on it as there will be no interest free period on new spending