Payment Allocation

RG2015

Morning,

I have a Nationwide Select credit card with 0% on purchases and balance transfers. My purchases are interest free until May 2018 and my balance transfers until dates in June and July 2018.

I have transferred some of my balance to a longer 0% card but cannot find out in which order the payment will be assigned to my Nationwide balances. All I have found is that payments are allocated in descending order of interest.

Does anyone have any knowledge or experience of this?

Many thanks!

Forndog

It should be on your statement.

jamie_02

Have you Googled it? Took me about 3 seconds to find the Terms and Conditions.

(Hint: type in "Nationwide select credit card terms conditions allocation of payments")

Let me know if you actually wanted me to do the search for you and type out the answer. I could come to your street and sing it in a barbershop quartet, but you'd probably find phoning Nationwide and simply asking them a lot quicker.

RG2015

jamie_02 wrote: »

Have you Googled it? Took me about 3 seconds to find the Terms and Conditions.

(Hint: type in "Nationwide select credit card terms conditions allocation of payments")

Let me know if you actually wanted me to do the search for you and type out the answer. I could come to your street and sing it in a barbershop quartet, but you'd probably find phoning Nationwide and simply asking them a lot quicker.

Yes please, Jamie.

I have the term and conditions and all it says is that payments are allocated to the highest interest rate first.

"We allocate payments to balances which show on your current statement in a high to low interest rate order, then, to balances in a high to low interest rate order which do not yet appear on your statement."

Which is the highest rate, 0%, 0% or 0%?

PS I thought it may be quicker asking the well-informed people on MSE rather than holding on a phone line for God knows how long.

RG2015

Forndog wrote: »

It should be on your statement.

I won't be getting my statement for 2 weeks and as I would quite like to know now I thought someone on MSE might know the answer.

jamie_02

Well, you posted the original question just after 7 on the 19th, and it's now after 7 on the 25th, and no satisfactory answer. I bank with Nationwide, and it's never taken them 6 days 12 hours to pick up the phone, so looks like it would, in fact, have been quicker to ask the company to which you're allocating those payments after all.

TheShape

I can't find the answer to the OP's question on either my statements or Nationwide's t&cs. They could do with improving the level of detail re allocation of payments.

Phoning Nationwide appears to be the only answer but I'd always rather have the t&cs to hand rather than rely upon a customer services adviser.

RG2015

jamie_02 wrote: »

Well, you posted the original question just after 7 on the 19th, and it's now after 7 on the 25th, and no satisfactory answer. I bank with Nationwide, and it's never taken them 6 days 12 hours to pick up the phone, so looks like it would, in fact, have been quicker to ask the company to which you're allocating those payments after all.

It is quite revealing that nobody on this site knows the answer to my question including those who are very good at Googling, reading Ts&Cs and apparently singing unaccompanied with three others. :rotfl:

RG2015

TheShape wrote: »

I can't find the answer to the OP's question on either my statements or Nationwide's t&cs. They could do with improving the level of detail re allocation of payments.

Phoning Nationwide appears to be the only answer but I'd always rather have the t&cs to hand rather than rely upon a customer services adviser.

I agree absolutely that this should be in the Ts&Cs.

jonesMUFCforever

I think I know but you would have to confirm with Nationwide.
If payments are allocated to the higher rate first but they are all 0% IMO they would allocate payments to the earliest ending deal first then the second and finally the third.

RG2015

jonesMUFCforever wrote: »

I think I know but you would have to confirm with Nationwide.
If payments are allocated to the higher rate first but they are all 0% IMO they would allocate payments to the earliest ending deal first then the second and finally the third.

Many thanks!

Obviously I hope that this is the case but I will wait for my statement and if it isn't clear I will phone Nationwide and post here with the answer.