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Balance Transfer
Fern0305
Posts: 18 Forumite
in Credit cards
I have an MBNA credit card with a balance of £10,100.13.
£4,657.50 of this balance is an interest-free balance transfer offer until Oct 2019. The remaining balance of £5,442.63 is purchases and I'm paying interest on this balance of approx £75 per month.
Can I transfer the card purchases balance to a different interest-free card? If I was to transfer £5,442.63 to another card, would that come off my card purchase balance and mean I pay no interest on the MBNA card?
£4,657.50 of this balance is an interest-free balance transfer offer until Oct 2019. The remaining balance of £5,442.63 is purchases and I'm paying interest on this balance of approx £75 per month.
Can I transfer the card purchases balance to a different interest-free card? If I was to transfer £5,442.63 to another card, would that come off my card purchase balance and mean I pay no interest on the MBNA card?
0
Comments
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A BT will transfer the highest rate balance.
It's just another form of payment.0 -
Highest interest bearing debt will be BTd.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
So, yes the BT would be allocated to the purchase amount as this is interest bearing.0
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Check the T&Cs of your card carefully - they typically specify the order in which payments are allocated to balances at different interest rates. Typically it is the highest interest rate debt first, and if you have balances at the same rate, then it is typically the oldest debt that gets paid off first.0
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