Lloyds CC - allocation of payments - help

pixiepoo

Hi,

I wonder if anyone can shed some light on this?

I was under the impression that when you make payments to your credit card they will allocate it to highest interest rate on the account.

My balance is broken down in to three:

1) Standard 17.7% APR purchases = £1,880
2) Balance Transfer 0% = £797.17 Expiry 06/2019
3) Balance Transfer 4.9% = £2,361. Expiry 08/2022
4) Balance Transfer 0% = £1,751 (no payments have been offset against this, so far) Expiry 12/2018

I have been paying over £500 for the last couple of months to shift the 17.7% balance. Had a look at my statement today to check and all the payments have been offset against the promotional balances (number 2 & 3) only, not the 17.7% one, Is this right??

I was so disheartened when i saw this, I should have only had £400 to pay off by now to get me back to my promotions :-(

Does this sound normal?

[Deleted User]

All payments should go the highest rate statemented balance.

Contact them to make sure you haven't misunderstood the statement, or if there has been an error.

StopIt

It *should* be.


Just had a glance at my Lloyds CC statement and yep, highest APR first.


How is the statement broken down? Does it show promotional balances and are they going down instead of the balance with interest?

pixiepoo

Yes that's what i thought too. I read all the summary information on my statement which clearly states that it should pay off highest first and i just wondered if i was being an idiot.

I wanted to leave my 0% on there till it expired and now i've paid a huge chunk of it off early :mad:

I will give them a call, thanks :-)

pixiepoo

StopIt wrote: »

It *should* be.


Just had a glance at my Lloyds CC statement and yep, highest APR first.


How is the statement broken down? Does it show promotional balances and are they going down instead of the balance with interest?

Hi StopIt

Yes the statement appears as:

1) Standard 17.7% APR purchases = £1,880
2) Balance Transfer 0% = £797.17 Expiry 06/2019
3) Balance Transfer 4.9% = £2,361. Expiry 08/2022
4) Balance Transfer 0% = £1,751

The balances on number 2 and 3 are going down. The balance on number 1 is getting bigger, i am assuming because of the interest charges each month.
Number 4 has been touched.

StopIt

In that case, get in contact.


The only thing I thought was maybe you were making purchases, and paying money before the statement date, making the payments get allocated to the promo balances, but you mentioned months, so that shouldn't be it.

Dobbibill

How is it broken down on last months statement?

Have you made any purchases since last months statement?