payments on MBNA money transfer/balance transfer combo card

justinsrival

Hi

I have just applied and been accepted for an MBNA balance transfer card.

The money transfer is 0% for 20 months
The balance transfer is 0% for 43 months.

How does MBNA apply their payments when both promotions start at the same time? I can pay the whole balance off in 20 months, but it would be nice if I could have a bit of a breather and pay off a smaller amount over a longer time if I could seeing as its interest free!

I've tried to research but getting conflicting responses. Annoyingly I haven't got their T&Cs to hand yet as I haven't got their online account set up yet - still waiting on the card to do it!

Superscrooge

The payment should be allocated to the promotional balance that ends first.
But check your T&C's to confirm?

molerat

If both have the same start date payments will be allocated to the items that have the highest rate at the end of the promo period, if they are the same rate it will be the BT first. MT is higher than BT on my card.

justinsrival

molerat wrote: »

If both have the same start date payments will be allocated to the items that have the highest rate at the end of the promo period, if they are the same rate it will be the BT first. MT is higher than BT on my card.

Thank you - this was what I had read but couldn't find anything about when both were started on the same day.

Does anyone know how long the transfers will take to hit my cards and bank account? I want to close the cards asap so I don't have the opportunity to spend on them again.