Two balance transfers on one card

Westie983

Hello,

I have a barclaycard with a 0% for 30 month BT which I took advantage of back in October 2013, I am currently paying the minimum payment.

All is going well I don't use the card for purchases in fact it's still attached to the paper it came with.

Now my question is I have received last week a two offers from barclaycard one is 0% till January 2015, and the other is for a 0% money transfer offer till December 2014.

Can I have two BT offers on the same card? And what happens with the payments if I have a second 0% BT. Will the payments come of the first balance transfer or the second one, they both will have different end dates and I don't want to take the offer up if it means I lose the 0% for my current BT

£2012/3000 BT 0% till January 2016
I want to use transfer 700 using the first offer 0% till January 2015

I plan to pay back the £700 by January 2015 but I'm not sure about the allocation of payments will it come off the longest BT offer or the shortest. Obviously I want to keep the first offer as it lasts for a lot longer.

These offers from barclaycard expire next week 30th June.

Hope someone can help.

Thanks Westie983

Westie983

*note I am wanting to BT £700 too a interest baring credit card, as including the transfer fee which I think is 1.9% it will save me interest as my other credit card is 12.9%

[Deleted User]

You won't lose the first BT. Both will run to their end date.

The allocation of payment section in your t&cs will tell you which balance will be reduced first.

Westie983

Ah okay thanks zx81. I have checked my T&Cs and it says the order of payments are cash advances, interest, purchases, then balance transfers. So I am still confused as I will have two balance transfers so not sure how they will apply my payments, I would hope it would be the one that ends first but I have read that they apply the payments to the one with the highest interest charge after the 0% finishes, so could that be the one that ends first?

There is a year between balance transfers expiry dates, so the allocation of payments is important.

Maybe it sounds like it may complicate things, and I am eligible for any more 0% cards as I already have three existing one, and my Halifax CC which I use for purchases which is attracting interest.

Maybe barclaycard send out these offers to existing customers to trick them into losing their 0% offer!!

Thanks for your reply. I'll give it some more thought, seven months interest free well obviously will help.....

Horseunderwater

BC do not send these 2nd/3rd offers out to trick you. All they are doing is offering a further shorter term BT with a fee attached so that they can make some more money out of you.

[Deleted User]

From other threads on this subject, Bcard appear to apply payments to the offer than ends first. So it will work in your favour.

Westie983

Horseunderwater wrote: »

BC do not send these 2nd/3rd offers out to trick you. All they are doing is offering a further shorter term BT with a fee attached so that they can make some more money out of you.

How to they make more money out of you? Do you mean the balance transfer fee? Or the hope you fail to pay off the BT by the expiry date.

I am assuming as long as I pay off the amount of the 2nd BT by January 2015 I won't pay any interest on the amount then I can continue to chip away at the other BT amount till January 2016.

How do they make money from me??

Westie983

I have tried to contact Barclaycard but the lady on the phone couldn't answer my question without going through with the BT screen which meant I would have to give her my account number and amount, I am not sure if I want to go ahead yet, so I was told to call back when I have decided and they will go through the process and then answer my question.

I can't decide if I want to go ahead without the question being answered seems like I am stuck on a roundabout....

thenudeone

If you don't know how payments are allocated if there is more than one offer on, just make the payments a day after each offer ends, then you know it will go against the right offer.