Halifax BT Payment

starM

Hi,



I have 2 balance transfers on my Halifax credit card account. 1st one will expire on 26/08/19. 2nd one will expire next week.



If I make a payment now to Halifax will the payment automatically clear the 1st balance transfer or should I wait pay it in full on 27/08?



Thanks
MS

molerat

The payment will go to the oldest transfer as have all payments up until now. Assuming they are both the same interest rate.

We use your payments to pay off balances charged at the highest interest rate first and so on down to balances with the lowest interest rates. This means the more expensive balances are always paid off first.
If there is more than one type of balance at the same interest rate, they are paid off in the following order: cash transactions, purchases, balance transfers and money transfers, and then default charges (plus any interest or charges incurred as a result of those balances). For each type of balance, your payments will pay off the oldest balance (and related fees, charges or insurance) first.

Terry_Towelling

If you have two 0% BTs on your account, Halifax will apply your payments to the oldest one first. That is not ideal for you because the oldest one seems to have the longest 0% period and so a partial payment made now will be allocated to the one expiring on 26/8.

If you wait until the 2nd BT expires next week, that will immediately begin to accrue interest and any payments made after that point will be applied to that portion of your balance rather than to the 1st BT with the 26/08 expiry.

Anyway, the way you speak, you have enough money to clear the entire balance, so why don't you just do that now? There seems to be no point in waiting a week or two and making it complicated.