0% Balance Transfer - Payment Allocation

I have a credit card with £1500 @ 0% offer which is due to expire 1st February 2024. There are no other purchases or transfers at higher % rates on this card at present. Yesterday, I transferred a balance of £7000 onto this same credit card from a different credit card @ 0% until 1st January 2026. The transfer was made after the December statement was produced, so it will show on my January statement. My question is, if I pay off the £1500 in January will the payment be allocated against the £1500 balance that's about to revert to 15.58% on 1st February or will it be deducted from the £7000 @ 0% that I've just transferred?

Comments

  • It depends on the card. 

    Check the payment allocation terms in the agreement, or identify the card here and someone will check.
  • It depends on the card. 

    Check the payment allocation terms in the agreement, or identify the card here and someone will check.
    Transfer from MBNA to Barclaycard Cashback
  • grumbler
    grumbler Posts: 58,592
    Name Dropper First Post Photogenic First Anniversary
    Forumite

    Barclaycard terms and conditions


    Ctrl+F >> "allocate "
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • born_again
    born_again Posts: 13,520
    First Anniversary First Post Name Dropper
    Forumite
    TBH, you would have been better to clear the £1,500 1st. 
    Life in the slow lane
  • From Barclaycard T&C's

    'If you have more than one promotional balance at the same interest rate, we’ll use your payment to reduce the balance with the promotional rate that ends first'.

    I think that's what I was expecting.
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards