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0% Balance Transfer period coming to an end. When to pay to avoid interest?
coliander
Posts: 2 Newbie
in Credit cards
In May 2022, I made a balance transfer with my credit card provider, taking advantage of an 18 month interest-free period. I'll be reaching the end of this period in the next couple of months and wanted to figure out how late I can delay clearing the balance before accruing any interest.
The specifics are as follows:
18 Month 0% Balance Transfer
My monthly statement with the Credit Card issuer is generated on the 23rd of every month.
Balance Transfer raised on 27th May 2022
Balance Transfer posted to account on 30th May 2022
Balance Transfer recorded on Statement Dated 23rd June 2022
I currently have the funds sitting in a savings account accruing a healthy amount of interest, so I want to avoid withdrawing early and losing that month's interest + 0 withdrawal bonus.
As the balance was posted on 30th May of last year does that mean that the interest will begin accruing on 30th November? Or will I have until the 23rd December when my new statement is generated to clear the balance?
Apologies for sounding a bit clueless. I've had credit cards for years but never needed to white-knuckle the interest rates before! The standard APR is £25.69% and will completely wipe out a months worth of saving's interest should I time clearing the balance wrong!
Ta.
The specifics are as follows:
18 Month 0% Balance Transfer
My monthly statement with the Credit Card issuer is generated on the 23rd of every month.
Balance Transfer raised on 27th May 2022
Balance Transfer posted to account on 30th May 2022
Balance Transfer recorded on Statement Dated 23rd June 2022
I currently have the funds sitting in a savings account accruing a healthy amount of interest, so I want to avoid withdrawing early and losing that month's interest + 0 withdrawal bonus.
As the balance was posted on 30th May of last year does that mean that the interest will begin accruing on 30th November? Or will I have until the 23rd December when my new statement is generated to clear the balance?
Apologies for sounding a bit clueless. I've had credit cards for years but never needed to white-knuckle the interest rates before! The standard APR is £25.69% and will completely wipe out a months worth of saving's interest should I time clearing the balance wrong!
Ta.
0
Comments
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Your statement may show the exact date the deal ends, none of those dates you have posted will really give a clue as to the actual end date. Which card provider is it ? Some do not put it on all statements but one in the lead up to the end date will give it.
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You could just phone them up and ask.
Nothing to see here, move along.0 -
I always have to check my statements (MBNA etc) or go online and ask them to confirm (M&S as they never stupidly have any BT info on the statements). I know that should someone at M&S give me the wrong info (happens) and I end up paying interest then I know when I complain the interest will be credited to me.
But going from the info you've posted I would say it's 18 months from the date the BT was requested. So my guess is that interest will start being charged on 27 November. And just to ensure there's no issues I would be setting up a payment in advance to go automatically on maybe Thurs 23 or Fri 24 Nov at the latest to ensure there's no issue with banking over the weekend. Yes you might be able to use the money for a bit longer elsewhere but for the sake of interest that might be charged I wouldn't want the hassle.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung1 -
Brie said:I always have to check my statements (MBNA etc) or go online and ask them to confirm (M&S as they never stupidly have any BT info on the statements). I know that should someone at M&S give me the wrong info (happens) and I end up paying interest then I know when I complain the interest will be credited to me.
But going from the info you've posted I would say it's 18 months from the date the BT was requested. So my guess is that interest will start being charged on 27 November. And just to ensure there's no issues I would be setting up a payment in advance to go automatically on maybe Thurs 23 or Fri 24 Nov at the latest to ensure there's no issue with banking over the weekend. Yes you might be able to use the money for a bit longer elsewhere but for the sake of interest that might be charged I wouldn't want the hassle.
@molerat - I was kinda hoping that there would be some kind of information pertaining to the precise date, but no such luck. Absolutely no information regarding the Balance Transfer besides the current balance. I had to go back through my statements to confirm which month it appeared, even the annual statement had nothing relating to the BT.
Cheers all.0 -
Brie said:
But going from the info you've posted I would say it's 18 months from the date the BT was requested. So my guess is that interest will start being charged on 27 November.
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My Barclaycard MBNA and bank of Scotland cards all give the date the interest free deals come to an end. You need to look at the pdf statements, but it is on them.0
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Brie said:
But going from the info you've posted I would say it's 18 months from the date the BT was requested.
It won't be that.
It will be a defined date, not variable based on the date of the BT request.
.0 -
OP Do you have the MBNA app?
If you do go to the letterbox and see if confirmation of the balance transfer dates are there.0
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