We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Balance transfer and money transfer
I have an MBNA balance transfer card that also offers a money transfer (balance transfer is 0% for 31 months - 24.94% after 31 months and I have already transferred a balance to this, the Money transfer promotional offer is 0% for 9 months - 24.94% after 9 months) but I have not yet used this but I would like to. I transferred a balance last week so have used the balance transfer option and want to use the money transfer today, a week later. Which is paid off first when I pay my monthly payments the balance transfer or the money transfer?
Comments
-
I would expect for the same rate (0%) the payments to go towards the balance with the earliest 0% expiry date, but their T&C sayFor each type of balance, your payments will pay off the oldest balanceAnd they count BTs and MTs as the same 'type of balance'See B7.4 How we apply your payments1
-
Thank you Grumpy_codger, looks like they will pay off the balance transfer first then.......................0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards
