Barclaycard Rewards Order of Repayment....with Money Transfers....

IAMIAM

I have 
£7500 Money Transfer 0% until Jan 23
£5000 Money Transfer 0% until Aug 23

If I spend approx £1000 on it per month and pay off approx £1750 off per month. Is it correct that the extra payments will pay off the first money transfer that expires first, then the second one, meaning I pay minimal interest, if any, every month?

[Deleted User]

They should allocate the money to the balance that is going to cost you interest i.e. the purchase, then the £7500 transfer but you'd be better looking at the terms and conditions or ringing them and asking. I know that with Natwest as an example, they were allocating payments to a second transfer that I did, that was ending in I think October, rather than the one that ended in June, it was a good job I noticed as I had to increase the payments.

Given the time frame, you could just spend on the card as you plan (though it's not advisable to mix spending and transfer deals) and then see where the payment is allocated on the next statement. Or just pay say £500 today and see which they allocate to first.

crumpet_man

I have only one money transfer (at 0% interest) on my Barclaycard but I also use it for purchases (for the cashback) and I just pay off the amount equal to the purchases each month (providing this is higher than the minimum payment required) which means I am charged no interest on the money transfer, no interest on the purchases and instead of paying towards the money transfer I can save the money where it will earn some interest for me.  

[Deleted User]

crumpet_man said:

I have only one money transfer (at 0% interest) on my Barclaycard but I also use it for purchases (for the cashback) and I just pay off the amount equal to the purchases each month (providing this is higher than the minimum payment required) which means I am charged no interest on the money transfer, no interest on the purchases and instead of paying towards the money transfer I can save the money where it will earn some interest for me.  

so long as you have a plan to pay off the MT balance - there isn't much in the way of interest to counter balance this over a short term

Brie

 Is it correct that the extra payments will pay off the first money transfer that expires first, then the second one?

Ask them to confirm this. 

Some cards will offer you a long deal (say 24 months) and then a couple months later offer you a short deal (say 14 months).  Some cards will then take any money you are paying (after purchases and interest) to pay the deal you took first rather than the one that ends soonest.  This only changes when the short deal ends and you start being charged interest on any outstanding balance.  It makes it very difficult to avoid all interest on these as I always get caught out by the short deal ending.  It may be obvious from your statements but not all cards include what's happening with any transfer deals.

crumpet_man

Deleted_User said:

crumpet_man said:

I have only one money transfer (at 0% interest) on my Barclaycard but I also use it for purchases (for the cashback) and I just pay off the amount equal to the purchases each month (providing this is higher than the minimum payment required) which means I am charged no interest on the money transfer, no interest on the purchases and instead of paying towards the money transfer I can save the money where it will earn some interest for me.  

so long as you have a plan to pay off the MT balance - there isn't much in the way of interest to counter balance this over a short term

Money goes into monthly regular savers, interest from them isn't great but may as well earn something on it rather than give it straight back to Barclays if I don't have to.