Two balance transfers on one card.

jim1234

I already have a 22 month interest free balance transfer on a card which is about 6 months in. I now want to take advantage of a 12 month zero percent balance transfer on the same card. How will interest repayments work after the 12 months? I plan to have this debt paid off by then but just in-case. Would I pay only interest on the second balance that I transferred?

Also how would minimum payments be affected while both debts are on the card?

YorkshireBoy

jim1234 wrote: »

Would I pay only interest on the second balance that I transferred?

Yes.

Also how would minimum payments be affected while both debts are on the card?

The minimum payment amount may not increase. Then again it may increase. Entirely depends on the card provider's T&Cs and the value of the balances.

Divulging the provider's name, and amounts involved, might get you a better answer to the second question!

Stereo

Minimum payments are generally a percentage of the total balance. Therefore if the balance increases, the minimum payments increase too. But as YorkshireBoy states, it all depends.

jim1234

YorkshireBoy wrote: »

Divulging the provider's name, and amounts involved, might get you a better answer to the second question!

Thanks for the quick replies. There is just under £3000 already on the card and I would like to add another £3500. The provider is Barclaycard.

MartinLewisMoneyShowitv1

jim1234 wrote: »

I already have a 22 month interest free balance transfer on a card which is about 6 months in. I now want to take advantage of a 12 month zero percent balance transfer on the same card. How will interest repayments work after the 12 months? I plan to have this debt paid off by then but just in-case. Would I pay only interest on the second balance that I transferred?

Also how would minimum payments be affected while both debts are on the card?

Hi

How is your research on balance transfers coming along? We, at the Martin Lewis Money Show on ITV 1, would love to hear from you. Could you email us at itvmlshow@itv.com please?

Thanks,

Mark

Westie983

I have two BT on barclaycard one for 22Months expires Jan 16, and second one is for 6Months expires Jan 15. So I too are subscribing with interest. I have yet to revive my first bill with both BT amounts on it.

Will keep posted