We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Barclaycard - Additional balance transfer (different term)

Hi All,

I'm pretty new to balance transfers having only done one before so apologies if this is a silly question.

I did a balance transfer last year to a Barclaycard and got a 0% until 2018 deal (I have about £5k left to pay off).

I have been offered to do another balance transfer (just for 12 months) with Barclaycard on the same account.

I would like to do this but I don’t understand whether it will affect my other balance transfer.

What I mean is:
If I put another 2k on there when the 12 months is up, I will still have 5k from the 2018 balance transfer offer so will I still get 0% on that or will the most recent 2k I put on the card get paid off last?

I hope this makes sense?!

Thank you!

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    The T&Cs on the account will detail the allocation of payments, it does vary across cards and providers.

    An online version of barclaycard's T&Cs for one of their accounts states this
    If a payment you make is less than your total outstanding
    balance as shown on your statement, we’ll use it to reduce
    the balance with the highest interest rate first. If any of the
    payment is left over, we’ll use it to reduce the lower rate
    balances.

    If you have more than one promotional balance at the same
    interest rate, we’ll use your payment to reduce the balance
    with the promotional rate that ends first. If the standard
    balance includes default fees, we will pay those off before
    the rest of the standard balance.




    If yours are the same then your short promo will be paid off first.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Baby_Angel
    Baby_Angel Posts: 540 Forumite
    Ninth Anniversary 500 Posts Name Dropper
    I have done something similar in the past. The minimum amount to pay off will be on the total amount on both offers. However the shorter offer or the one with the earlier end date, will be paid off first. I paid off the first promotional offer balance before it started to accrue interest and thereafter the minimum payment was reduced to reflect the remaining balance.
    SPC 08 - #452 - £415
    SPC 09 - #452 - £298
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.3K Spending & Discounts
  • 240.7K Work, Benefits & Business
  • 617K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 253.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.