Balance transfer help

Dollymix12

Just looking for some advice, I have 2 different interest balances on my credit card, part is 0% and the rest is charged at the normal rate for my card, I have 0% on another card and want to do a balance transfer on the part of my balance that’s being charged interest on. I have checked my statements and it does say that payments will be made against the highest interest amounts but I’m worried they will allocate against the 0%. Has anyone else done this before?

SuperAllyB

The card with the balance currently on it will treat the balance transfer the same as any other payment so will be allocated to the interest bearing balance first (assuming it's already statements).

[Deleted User]

When you do a BT, the receiving card just pays the money to the sender card and it's treated like a payment, it should be allocated to the bit that is charging interest yes though there are the odd card where they treat the order in which you did the card transfers as priority, not the balance type, there was one on here a few weeks ago that did that. Why not just transfer all the balance (or as much as you can) though - if all the balance paying interest is cleared and some 0% then there is no risk, the fee isn't likely to be much different

Dollymix12

Deleted_User said:

When you do a BT, the receiving card just pays the money to the sender card and it's treated like a payment, it should be allocated to the bit that is charging interest yes though there are the odd card where they treat the order in which you did the card transfers as priority, not the balance type, there was one on here a few weeks ago that did that. Why not just transfer all the balance (or as much as you can) though - if all the balance paying interest is cleared and some 0% then there is no risk, the fee isn't likely to be much different

Yeah I might do that just didn’t want to pay a fee on the amount that has no interest 

[Deleted User]

If you were transferring £1000 on 2.5% fee that's £25 fee. If you only transferred £800 yes it's £20 instead so saves £5 but better than paying any interest