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Transactions before Balance Transfer
flowers77
Posts: 2 Newbie
in Credit cards
Hello!
I hope someone can help, I'm a little confused!
I have a credit card with Lloyds which is about to run out of the 0% interest, so have applied for a new one with Barclays and will transfer the balance onto this. What I am unclear about is what happens to the transactions on the Lloyds card that are due to be on the next bill? Should I wait for the next bill to come out before I transfer? And what if I withdraw money on the Lloyds card before the balance transfer? Would the high rate of doing this go onto the new card? How or would that affect the Barclaycard interest/ credit/ balance transfer?
As you can see I am very confused!
Please help someone
flower77 xxxx
I hope someone can help, I'm a little confused!
I have a credit card with Lloyds which is about to run out of the 0% interest, so have applied for a new one with Barclays and will transfer the balance onto this. What I am unclear about is what happens to the transactions on the Lloyds card that are due to be on the next bill? Should I wait for the next bill to come out before I transfer? And what if I withdraw money on the Lloyds card before the balance transfer? Would the high rate of doing this go onto the new card? How or would that affect the Barclaycard interest/ credit/ balance transfer?
As you can see I am very confused!
Please help someone
flower77 xxxx
0
Comments
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The BT will effectively take transactions from highest to lowest rate.
Everything will then be in a single balance at the Bcard BT rate.0 -
If possible avoid withdrawing cash on a CC.
If it's a must then ensure it's statemented, rather than pending, before you BT.
Are BC definitely giving you a credit limit large enough for the current balance/recent purchases & cash you intend withdrawing?I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Yes I will try to avoid this if I can, but if it wont effect me too much, then I will do this before switching to BC.
The balance is much higher yes. I wont be spending on this BC though, will only be using it to BT and pay the balance off with 0% interest.
I was just curious about how/ and if previous transactions on NW card would effect my account with BC
Thank you0
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