Balance transfer question

Lozkin

Hi guys

I've read the T&C of my MBNA account this morning but can't find the answer so wondered if someone could advise.

If I have, for example, a £2,000 standard balance @ 18.9% and a £2,000 money transfer balance @ 20.9%, and decide to transfer £2,000 to a new card, which of the balances will be transferred?

I'm hoping it's the higher rate!

[Deleted User]

The higher rate balance. A BT is simply a payment.

Lozkin

thank you

chrisw99

Only if they've reached and been on a statement though.

e.g. if you have £2000 at 0% due to a balance transfer and has been on a while, then buy something for £2000 and a couple of days later do a £2000 payment, it won't pay off the £2000 standard purchase as that as not yet been on a statement.

I found this out to my cost once. It's because you are paying an amount towards whatever was shown on your last statement, not off the current balance.

molerat

chrisw99 wrote: »

Only if they've reached and been on a statement though.

e.g. if you have £2000 at 0% due to a balance transfer and has been on a while, then buy something for £2000 and a couple of days later do a £2000 payment, it won't pay off the £2000 standard purchase as that as not yet been on a statement.

I found this out to my cost once. It's because you are paying an amount towards whatever was shown on your last statement, not off the current balance.

Not with MBNA. They will credit to the highest interest item even if it has not appeared on a statement.

chrisw99

molerat wrote: »

Not with MBNA. They will credit to the highest interest item even if it has not appeared on a statement.

Hmm, they didn't with me when I bought a car with it recently then a few days later did a balance transfer to move it onto another card at 0%. Instead it took off all the existing balance (which was already at 0%) and left most of the car purchase on.

Maybe I did it too quick before it had even cleared on the MBNA one.