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Balance transfer - part 0% and part standard interest - advice?
jp1964
Posts: 96 Forumite
in Credit cards
Hi all,
Just wondered if any one has the answer to this query, I have a credit card balance of £5300, £1300 of this is on a current 0% deal valid until April next year, the remaining £4000 is on their standard interest rate.
If I were to transfer £4000 from this to another card which I hold, which is offering me a 0% balance transfer offer until January 2016, will the £4000 that is being transferred to the other card be that on which interest is being charged currently, given that the card provider states that all payments I make will be firstly allocated to pay off the interest bearing element of the balance.
This will in theory leave me with the £1300 on the first card at 0% and with £4000 transferred to the other card, also at 0%.
Is this the case, or do the card companies treat balance transfers to other cards differently from other payments to the account where interest is concerned? I don't trust them quite frankly, so decided to ask on here!
If anyone has any experience of this or any advice, it would be much appreciated.
TIA for any help:)
Just wondered if any one has the answer to this query, I have a credit card balance of £5300, £1300 of this is on a current 0% deal valid until April next year, the remaining £4000 is on their standard interest rate.
If I were to transfer £4000 from this to another card which I hold, which is offering me a 0% balance transfer offer until January 2016, will the £4000 that is being transferred to the other card be that on which interest is being charged currently, given that the card provider states that all payments I make will be firstly allocated to pay off the interest bearing element of the balance.
This will in theory leave me with the £1300 on the first card at 0% and with £4000 transferred to the other card, also at 0%.
Is this the case, or do the card companies treat balance transfers to other cards differently from other payments to the account where interest is concerned? I don't trust them quite frankly, so decided to ask on here!
If anyone has any experience of this or any advice, it would be much appreciated.
TIA for any help:)
Making time for me now. Out with old habits and ideas, and open to change......:j
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