credit card interest query

Poor_Single_lady

Sorry if this has been asked before, I couldn't find an answer.

I have about £3000 mbna 0% till 2018. But on the same credit card I have £900 at 0% till May 2017.

Im just wondering if anyone knows how this practically works out. If I pay £900 off before May will this mean no interest or is any amount I pay now split between the amounts or taken off the £900 first.

Any help is appreciated, I am trying to plan for 2017 and knowing how this works would be really useful.

Thank you.

[Deleted User]

The terms of the your cards will explain how payments are allocated - but most likely is that payments will go to the balance that comes off the promo rate first.

fozmcfc

Whenever I've held two balances at 0%, it's been the one which started earliest that has been paid off.

The easiest way to confirm this, without ringing anyone, is to look online at your statement.

If you've held the two different offers for a few months now, you can easily see where the payment is going.

On the statement page there is a rates tab, when you click on it, it will show you, your balance split up with the rate code next to it.

So if you've had the balances for a month or more, then simply go back a statement or two and see which balance has been reducing.

If worse came to worse and the £3000 is being paid off, then simply make the minimum payment towards it and keep back as much as possible to pay off the £900 once you have received your May 2017 statement, because then the payment would definitely go towards the £900 as when you don't have 0% rates, it always goes towards the balance which is attracting the highest interest.