Two Balance Transfer rates

wilson9745

Looking for some help.


I have a virgin 0% card with two transfers.


£4500 expires 17/10/2019
£2000 expires 29/02/2020


Now I know I need to transfer some money onto another 0% card to prevent getting charged interest but how much?


The current balance is £5800


Do I need to move £4500 and leave the remaining balance to be paid off before 29/02/2019?


Any advise greatly appreciated.

[Deleted User]

It's up to you. The priority is the £4,500.

Whether you also need to shift the £2k depends on how quickly you're paying it down and your ability to get further credit, either now or next year.

Make a decision once you see what limit you're offered and on what terms.

Terry_Towelling

The amount you need to leave on your current card is no more than the value of the most recent balance transfer you made (assuming there is nothing else on the card but these two promotional balances).

molerat

Your statement should show the amounts outstanding on each individual balance. The first ending one is the amount you need to transfer.

Terry_Towelling

molerat wrote: »

Your statement should show the amounts outstanding on each individual balance. The first ending one is the amount you need to transfer.

This is 100% true but OP is questioning the amount that they should they transfer. It is indeed odd that OP has not mentioned any individual itemisation of the BTs on their statement.

So, if there is no individual itemisation of the two BTs on their statement they will need to check back through their statements to see which one came first.

Although it may sound perverse, it is feasible for the one ending next month to be the newest and the one ending next year to be the oldest depending on the promotional periods offered when the BTs were made. I accept this is unlikely but it is still possible.

Based on that possibility, if OP can determine that the £4500 BT is the oldest one, they will need to transfer away at least £3800. If the £2000 BT is the oldest, they will need to transfer away at least £4500.

molerat

Virgin allocate payments to the first ending promo. They also itemise different promo current balances and end dates on the statement so it should be quite straight forward.

Terry_Towelling

molerat wrote: »

Virgin allocate payments to the first ending promo. They also itemise different promo current balances and end dates on the statement so it should be quite straight forward.

Thanks for this. So it is indeed odd that OP has felt the need to ask this question.