Balance transfer Question

amsjrt

Hi,

I'm thinking of making a balance transfer as just aproved the Nationwide Credit Card which gives 0% interest rate for 10 months.

1) Can I make a balance transfer of an amount more than I owed? eg I owed EGG Money for about £500 at the moment, can I balance transfer from EGG for more than £500?

2) Order of Payment - Nationwide "claimed" that they will deduct the monthly repayment I made in the order of most expensive debt first. For example:

If I make a Balance transfer from Egg Money to Nationwide of £500 which gives 0% interest for 10 months,

Then followed by purchases of (say) £300 which will also give 0% interest but only for first 3 months.

So if I make payments, will it be used to pay off the money expensive debt first, so the £300 purchase first (as interest charge will incur after the 3 months 0% interest promotion period)?

http://nationwide.co.uk/creditcard/GoldCard/order_of_payments.htm

Regards
amsjrt

CLAPTON

egg money allow 'credit' balances so yes you can BT any amount thats allowed by you other card so if e.g. eggmoney had a balance of 500 owing then you could BT 3000 from it hence making it 2500 in credit (as long as your other card has a suitable credit limit.)

I have no reason not to believe nationwides order of payment, although they are changing their T&Cs but i dont know if that will be affected.

amsjrt

Thanks CLAPTON.

I have just arrange the balance transfer from Egg Money. Do you know where can I find out more about the change of T&C for Nationwide Credit card?

amsjrt

Karl.H_2

T&Cs: http://nationwide.co.uk/NR/rdonlyres/44EC5C93-500D-4DA8-AD1B-674318684C6D/0/P4433_CCard_Jun07NEW.pdf
Don't forget the balance transfer fee, which is 2.5%.

Transfer £500 and that'll cost you £12.50.

sicker

And don't forget Egg Money pays you interest on positive balances.

John