Transfer from one 0% credit card to another

andju6290

Hi would really appreciate some advice. 
I got a 0% balance transfer in July which is 0% until later in 2023. 

There was a 6-month promotional offer on new purchases. This expires in January 2022. The previous 0% card I had the new purchases just added on to the amount I had transferred from the previous card and that balance remained at 0% for the 26 months I had that for (either that or it had a much longer period for promotional purchases which I didn't use much of and may be paid it all back by the time that's period ended) but on this one I am told that from mid-january I will be paying interest on the amount I have spent on new purchases that I have not managed to repay. This was an oversight on my part ( or due to to what I put in brackets  above) and due to to other factors I won't be in a position to pay it all off by then. 

Could anyone advise.  for instance should I apply for a different 0% balance transfer card and shift all of it onto that or any other options. .? 

And also does the fact that I would be applying for another 0% balance transfer within a 6-month period make it less likely I would get a good deal. 

andju6290

Just to add that I will be renting my property out next year so it's not a case of I will be getting into further debt, just paying off what I have accrued. 

[Deleted User]

If you can't clear the existing balance in a decent timeframe, then another BT may be the best option, but calculate the costs first.

What sort of deal you an get will depending on your credit history and lender criteria, so try some eligibility checkers first.

MallyGirl

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

[Deleted User]

MallyGirl said:

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

Though keep in mind when OP does a BT, the original card may not allocate the funds in the way you expect, have to read the terms and conditions

andju6290

Deleted_User said:

MallyGirl said:

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

Though keep in mind when OP does a BT, the original card may not allocate the funds in the way you expect, have to read the terms and conditions

Thanks would be most grateful if you could you explain what that means just for clarity . 

[Deleted User]

andju6290 said:

Deleted_User said:

MallyGirl said:

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

Though keep in mind when OP does a BT, the original card may not allocate the funds in the way you expect, have to read the terms and conditions

Thanks would be most grateful if you could you explain what that means just for clarity . 

In theory, they should always allocate any payment to the highest priority debt e.g. one that is or will shortly be bearing interest. However, there are some lenders, MNBA I think is one, who will allocate payments to the oldest debt, regardless of whether that means a newer, shorter, transfer starts paying interest.

Here because you are talking about purchases on a BT card, they should put the money on the ones that will be liable for interest in January, but not impossible they will put it against the other debts - hence check Ts & Cs

andju6290

MallyGirl said:

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

Is there a means of ensuring it's the purchases they shift ? 

[Deleted User]

andju6290 said:

MallyGirl said:

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

Is there a means of ensuring it's the purchases they shift ? 

You have to read the Ts & Cs or ask the card issuer what order they will allocate the payment and thus whether it will go on the interest bearing stuff first.

andju6290

Deleted_User said:

andju6290 said:

MallyGirl said:

You could try for another 0% BT - the usual time for searches to matter is 6 months so you may just fall in or out of that period depending on when you apply. You only need to shift the purchases, not the whole balance.

Is there a means of ensuring it's the purchases they shift ? 

You have to read the Ts & Cs or ask the card issuer what order they will allocate the payment and thus whether it will go on the interest bearing stuff first.

So read the t and C's of new bank and ask them, or my current lenders ?  And also am I able to find that information out before making an application and them  running a credit check. ? 

[Deleted User]

You should ask your existing bank how they will allocate a payment to the account, given the different deals running.

You wouldn't need a credit check unless you applied for a new card to do the BT to. If you did a BT to the new card before the end of your interest free period (say in November) you could at least see on the statement in December if the purchase debt was cleared and if not, make plans to pay it off.