Payment Allocation

7 Posts

in Credit cards
Morning All,
I've had a couple of credit cards for a few years. Only used them for money transfers when i needed cashflow and then balance transfers between them so never paid interest.
Now money transfers are not available anymore - i've had to use my Barclaycard for the first time as a spending card to get car through MOT repairs.
Now my lack of knowledge comes through on what happens to my balance. The card has two balance transfers to Apr 2024 and June 2024 totaling about £3k.
I will be able to pay off the car repairs by next statement are my interest free periods safe or will they now accumulate interest?
Thanks
I've had a couple of credit cards for a few years. Only used them for money transfers when i needed cashflow and then balance transfers between them so never paid interest.
Now money transfers are not available anymore - i've had to use my Barclaycard for the first time as a spending card to get car through MOT repairs.
Now my lack of knowledge comes through on what happens to my balance. The card has two balance transfers to Apr 2024 and June 2024 totaling about £3k.
I will be able to pay off the car repairs by next statement are my interest free periods safe or will they now accumulate interest?
Thanks
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Read the full Barclaycard Conditions in case I am wrong.
He said to the salesman, “My wife would like to talk to you about the Volkswagen Golf in the showroom window.”
Salesman said, “We haven't got a Volkswagen Golf in the showroom window.”
The man replied, “You have now mate".
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
If the BT amount is £1,000 with 0% interest, a minimum monthly payment of say £50 and the MOT charge is say £50, then paying £100 should clear the MOT charge plus the monthly minimum payment.
That is my interpretation. Maybe Barclaycard mean something different.
I have a few BT cards for stoozing only. I never spend on them so I have never had to consider this before.
Does anyone have a definitive answer?
He said to the salesman, “My wife would like to talk to you about the Volkswagen Golf in the showroom window.”
Salesman said, “We haven't got a Volkswagen Golf in the showroom window.”
The man replied, “You have now mate".
Can they really charge interest until the full statement balance is cleared?
If you pay off the MOT charge in full, plus the monthly minimum, plus any interest due on the MOT charge in the first month, then surely you have cleared all the balance that is not at 0% interest.
Does 'We’ll start with the balances charged at the highest interest rate first and then..' not apply?
I'm glad I have never used my zero interest BT cards for spending.
He said to the salesman, “My wife would like to talk to you about the Volkswagen Golf in the showroom window.”
Salesman said, “We haven't got a Volkswagen Golf in the showroom window.”
The man replied, “You have now mate".
I'd forgotten to switch my Microsoft365 DD (I think - either that or Dropbox Pro) from the Barclaycard.
I paid that off straight away, didn't wait for it to be statemented, didn't pay a penny in interest and carried on as before.
Other lenders may not have the same rules
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed