Proportion interest-free

MikeHartley

I need some help.

I have a credit card on which I have transferred interest free debt from another card... will last for 6 months or so.
However I also had some debt, not interest free on there. The statements do not tell me what proportion is what. Any idea how you get a breakdown of what proportion of debt has what interest rate on a single card? I have a Barclaycard.

jamesd

Look towards the end of the statement and you will find a line that tells you that you have a deal and how much money remains on that deal. The difference between that and the total balance is the amount not on the deal.

chattychappy

If you can't find it, then phone them. Of course the interest bearing part at any time should be "existing balance" minus "the amount you transferred" (leaving aside the fee for now).

With my Barclaycard when I look online and choose "statements", I can see the figure under "interest" as a statement entry. Eg on my latest statement I see: "Interest On Your Balance Transfer BALANCE 6100.00 INTEREST 0.000% TO 1 Oct 2015" then 0.00. This "6100.00" is not the original amount, it is the amount that is left.

As you probably know, payments you make will be applied to the interest-bearing balance first. So (unless you have more costly debt elsewhere), the best strategy is to throw as much money on to this card as possible until you're down to the interest free balance. If you're on DD, but generally have funds available earlier in the month, then consider cancelling the DD and paying earlier. However 1) don't do this if there is a chance you might "forget" to make a payment, 2) don't run yourself so short that you might not be able to pay the minimum in a later month.

MikeHartley

Thanks but it doesnt show that. It just shows two sets of interest being charged -one on card spending, a small amount on a cash withdrawal.

MikeHartley

chattychappy wrote: »

If you can't find it, then phone them. Of course the interest bearing part at any time should be "existing balance" minus "the amount you transferred" (leaving aside the fee for now).

With my Barclaycard when I look in and choose "statements", I can see the figure under "interest" as a statement entry. Eg on my latest statement I see: "Interest On Your Balance Transfer BALANCE 6100.00 INTEREST 0.000% TO 1 Oct 2015" then 0.00. This "6100.00" is not the original amount, it is the amount that is left.

As you probably know, payments you make will be applied to the interest-bearing balance first. So (unless you have more costly debt elsewhere), the best strategy is to throw as much money on to this card as possible until you're down to the interest free balance. If you're on DD, but generally have funds available earlier in the month, then consider cancelling the DD and paying earlier. However 1) don't do this if there is a chance you might "forget" to make a payment, 2) don't run yourself so short that you might not be able to pay the minimum in a later month.

Thanks! I will phone them and do just that.

planteria

if there is a 0%BT balance then it should be on the statement. i hope you haven't broken the terms of that deal...
and fwiw i wouldn't cancel the DD. i would leave the minimum in place. and then make additional payments that you can afford.