Money transfer first statement due

dealio123

Hi all,

wondering if anyone might have the answer please? 

I’ve just done a 10k money transfer from my Halifax cc to my current account, 0% for 12 months and 4.5% fee. Requested last night and money in account already! 


I plan to repay this amount in full if not before the 0% is up in Feb-25 as i have my mortgage renewal in Mar-25 so ideally don’t want any credit card balance. 

My question is, can i start to repay some of the balance now or do i need to wait until my first statement is due? It’s not a new cc i’ve had it for ages so i have all of the details on how to pay already.
Only asking as last time i done a balance transfer it took ages for my first statement to come through and i felt like id lost a month (if that makes sense) 

born_again

Do you have a balance on the card from last statement? As this will make a difference to the answer.

If no balance, You can pay some back straight away if you want.

If yes, I do have a balance, any payment pre next statement, will go towards old balance.

But statement will be on the same dates as before given it is not a new account.

molerat

You can pay anything at any time but if there is an existing balance on the card then payments will likely go towards that rather than the new transfer.  If you are only going to pay the minimum and pay off the balance at the end does it really matter having that first payment delayed ?

dealio123

Thanks both! The balance on the card for -£27.50 so i was actually in credit. Therefore i might start repaying as of today just to get ahead of the curve! 

born_again

dealio123 said:

Thanks both! The balance on the card for -£27.50 so i was actually in credit. Therefore i might start repaying as of today just to get ahead of the curve! 

Given it's @ 0% for 12 months, just pay the min, but what you can in a savings acc ( Halifax reg saver £250 a month 5.50 AER gross ) & enjoy the interest you will have gained when it is pay back time.
That is the MSE way.

Nasqueron

born_again said:

dealio123 said:

Thanks both! The balance on the card for -£27.50 so i was actually in credit. Therefore i might start repaying as of today just to get ahead of the curve! 

Given it's @ 0% for 12 months, just pay the min, but what you can in a savings acc ( Halifax reg saver £250 a month 5.50 AER gross ) & enjoy the interest you will have gained when it is pay back time.
That is the MSE way.

if OP has time, the NatWest switch (£200 incentive) gives access to the regular saver paying 6.17% up to £5000 - £150 max a month though you can do RBS as well or Co-Op paying 7% on up to £300 a month. Or stick it in something with a 1 year higher interest rate current account, Kroo is 4.35% iirc - yes it's lower % but is paid on all the money in the account rather than drop feeding as possible alternatives. Fairly sure Nationwide had a 1 year deal?

dealio123

Thanks for all your input all, much appreciated. I should have mentioned the money transfer is so I can pay my hefty self assessment bill & directors loan in Jul/Aug. As I wouldn’t have had sufficient funds to do so by those dates. So it’s bought me a bit more time. 

So now with that with MT i have enough money to do that (now) so can repay early and get some interest from HMRC and also pay back a dedicated amount to the cc to clear the balance by the time the 0% deal ends. 

Keen to start ‘stoozing’ in the future though so thanks for all the advice!