Can I have 2 x 0% Balance Transfers on my Barclaycard?

pinchez

Hi

I have a Barclaycard with a decent credit limit and have already done a 0% transfer to it some time ago which is due to end 07/2016

They have an offer on for 0% transfer (fee 2.9%) until 01/2017 that I'd like to take advantage of but not sure how this would work?

Is it possible to have 2 lots of 0% transfers on the same card ending at different times without breaking the 0% offer?

if it is can someone please explain how it works as I'm a bit confused!

Thanks

[Deleted User]

Yes. Payments go to the one that ends first.

CalumHeath

As zx81 says, yes you can.

Barclaycard track the amounts separately; when you get you statement it will show what your total balance is made up of so if you have one balance transfer at £2,000 and then another a few months later at £1,500, it'll break these down for you together with the dates the 0% ends.

When you make a payment to your credit card - whether it's the usual monthly payment or any other credit - it'll be applied to the balance in the following order:

- amount with highest interest rate (it's possible to have more than one interest rate on your balance, which is a separate explanation)
then
- promotional rate
or if more than one promotional rates
- promotional rate with highest interest rate
or if more than one promotional rates with EQUAL interest rates
- rate ending soonest

Basically, whichever amount of money on your card is costing you the most (in interest), that's where your payment is allocated to.

It's quite useful for planning.

pinchez

Thanks for the help and explanation

I did the balance transfer yesterday and it was approved, I'm not paying any interest on the CC as I only have 2 x 0% transfers on it and nothing else. I assume I'll be paying back the first one which ends 07/16 and then the second which ends 01/17?

Out of interest (I intend to pay off CC well before July 2016) If I haven't paid back the first transfer by 07/2016 will i just get charged interest on what's left on that transfer and continue to be interest free on the second transfer?

Thanks again

Consumerist

pinchez wrote: »

Out of interest (I intend to pay off CC well before July 2016) If I haven't paid back the first transfer by 07/2016 will i just get charged interest on what's left on that transfer and continue to be interest free on the second transfer?

Yes. And your repayments would be applied to the earlier transfer because it would then be the debt at the highest rate.