Balance Transfer Question

xlnc99

Hi,

Question to all the credit card experts. if someone can help please. Not something i no a great deal about.

My mum has two credit cards. One of the credit cards was closed down three years ago but she is paying off the balance every month with a fixed amount of £300. The second credit card she is paying whatever the min payment is each month which is still active. She got a interest free credit card offer on balance transfers for 24 months for two credit cards which she has taken up on. She has transferred over a big chunk from both the old credit cards onto the new ones.

My questions are:

1 - Is it right she still has to pay interest on the old credit card that was closed down 3 years ago. It was closed down due to financially difficulty and they are charging a good amount of interest each month - over £100.

2 - The payment of £300 is due on the 10th of November, will the balance transfer cover the payment of £300 for November as a good 2k has gone into through the transfer. It was done this week and gone through today.

3 - The other card has a min payment due on the 6th November and again as we did the balance transfer this week will that big chunk going into her credit card mean she will not have to pay the min amount for November?

Much Appreciated

Thanks

MallyGirl

whether they take the payment in (via balance transfer) to satisfy the min payment condition will depend on the T&Cs of the card - some will and some will take the DD regardless.

xlnc99

thanks for the response, i had a quick look at some old previous posts and everyone said it does count as min payment as long as its after statement date.

This might be a silly question but what would i be looking for in the terms of conditions regarding payment? Would it say balance transfers dont count? Has to be DD? i had a quick look at the terms and couldnt find anything meaningful there in regards to this issue

MallyGirl

Not sure but there was a whole thread about the different approaches:

https://forums.moneysavingexpert.com/discussion/5901738/lloyds-and-halifax-change-credit-card-repayment-rules-make-sure-you-dont-overpay-mse-news&highlight=still+take+dd