MBNA Payment Allocation and timing..Advice?

Pea159

Hi All

I have an MBNA credit card which has three separate MT rates/balances on it:

1) £85 @ 4.94% APR until 02/02/22
2) £1519 @ 4.94% APR until 02/10/22
3) £209 @ 0% APR until 02/02/20

I currently pay £100 per month and this has obviously been allocated to the rates with the highest interest as per MBNA’s Policy. However the 0% is up next month and it becomes a 18.93% APR and i’d like to pay it off in full, I have been given differing advise from MBNA on two separate occasions. The first person told me that I could phone up the day after the rate goes to 18.93 and pay off in full with 1 x day worth of interest. When i called again to confirm this last week I was told this wasn’t correct and that I wouldn’t be able to pay this rate off until my March statement (02/03/20) thus incurring a months worth of interest on that amount?! Does anybody have any experience with this and can advise? I tempted to just call them up on the 3rd Feb to make a payment. I don’t want to do it via my app in case it allocates to the other rates.

TIA

Pea159

born_again

It is always awkward when there is more than one transfer on a card. As paying too early will mean it may go towards other balance transfers.
What date do you receive your statement.. To me once it is statemented then you are OK to make payments.
I would be thinking that once the statement is received after 02/02/20. If you make the minimum payment & £209 then that should cover it, do not need to wait till due date to make the payment.
That would be my take.

TBH 1 months interest on £209 is not going to be much, 1 day is not even going to register.

Pea159

Thanks for your reply Born again. My statements come in on the 2nd of each month, therefore the higher rate won’t show up on my Feb statement as that’s the last day of the 0%. I think I’ll probably wait until I get my March statement that confirms the higher rate and then make my payment, as like you said the interest won’t be a huge amount for a month and I can budget for that. Would rather know the payment has gone to the right balance.

Thanks

Pea159