Credit APR pay back order

stuartjl

Hi, on my credit card i have 3 apr's on my debt. When paying the debt back, do you pay the highest apr back first? e.g. on cash. Reason why i ask is that i have a offer on a money transfer on my credit card of 0% for 14 months. So i would transfer the money to my bank account, then pay the money on my credit card and have the money transfer rate of 0%.

Thanks, Stuart

grumbler

stuartjl wrote: »

Hi, on my credit card i have 3 apr's on my debt. When paying the debt back, do you pay the highest apr back first?

Yes - simply check your summary box or the T&C for 'Allocation of payments'.

Ben8282

Yes it is a very good idea, but be aware ....
1. If you intend to do the money transfer first then repay the existing balance with the money from the money transfer you will need available funds within your credit limit in excess of the total of the money transfer amount and the amount of the existing debt.
2. Credit Card lenders ask the reason for the money transfer and will decline if they don't like the answer. I can't advise on which reasons are acceptable and which are not. I did try asking this question here a while back but the topic failed to get any answers whatsoever.