Balance transfers help please 5 September 2018 at 5:09PM edited 30 November -1 at 1:00AM in Credit Cards 5 replies 685 views

N09

I have went round in circles with where to post a question, can someone please give me a link of which board I post a question that I have on regards of balance transfers
TIA

Willing2Learn

You are in the right place now!! What is your question?

And welcome to the MSE forum

N09

Thank you I was worried about posting in the wrong board.

My question is I recently balance transferred from mbna (as the interest free period was up) to Lloyd’s to get a new interest free period. However I already had a balance from purchases on my Lloyd’s card, which is creating a lot of interest. mbna are offering another balance transfer interest free, Can I transfer an amount (purchases amount attracting interest) onto mbna and would that leave the interest free balance transfer amount on Lloyd’s. Will that work?
If that makes sense.

zx81

Yes. The highest rate debt will always be transferred.

foxy-stoat

How much is the balance and how much is the interest rate?

PRAISETHESUN

You should be able to do as you propose - Lloyds will allocate payments towards the portion of your balance attracting the highest interest rate (ie. your purchases) so you can transfer this away to your new 0% card. Make sure to account for any trailing interest!