Payment Allocation

ElwoodBlues

RG2015 wrote: »

I have now got my statement and can confirm that my payment was allocated as follows.

1. Purchases from last month's statement which were at 0% until May 2018 - fully cleared.
2. BT from last month's statement - 0% until June 2018 - fully cleared.
3. BT from last month's statement - 0% until July 2018 - part cleared
4. Purchases since last month's statement - 0% until May 2018 - not affected.

Therefore, the allocation is in my best interest apart from my current month's purchases. I believe that this is in accordance with their Ts&Cs that transactions since the previous statement will come last for payment allocations. I would have been slightly better off if I had waited until after my statement before my BT from Nationwide to my new 2 year 0% card.

Wouldn't 'in your best interests' have been to be clearing the the earliest ending zero rate balances first, i.e. the May 2018 ones rather than the June/July 2018 ones?

RG2015

ElwoodBlues wrote: »

Wouldn't 'in your best interests' have been to be clearing the the earliest ending zero rate balances first, i.e. the May 2018 ones rather than the June/July 2018 ones?

I agree but Nationwide quoted the following to me which is in accordance with their Ts&Cs.

Please note that payments are always applied first to any balance that has already been billed to you on a statement, and then to any transactions that have taken place since your most recent statement was issued.