Balance transfer layered on a balance transfer

mikeyhinde

Have had a flick through small print but can't work out what the impact of this would be so seeing if others have lived experience to confirm.

Used a 0% BT to Barclaycard for 18 months which has 12 months still to run.

They've now increased my credit limit and made the same 0% BT offer (18 month) which in theory is good timing with a 0% on another card imminently due to end.

If I take up this second transfer is it likely to cause issues in respect of the balance already on the card, so when the original 0% deal ends in 12 months and I still have a balance on the card (equal to the second transfer, after I pay off the first transfer in full), would I expect to find myself facing interest charges - or would my repayment go fully against the original transfer and therefore mean I continue to face 0% on the second transfer until that period expires (and I pay in full).

QrizB

In general I'd expect payments to reduce the shorter life's deal first, but check the T&C - is should be explained in there somewhere 

molerat

To reduce your main balance (your statement balance less any instalment plan balance). We’ll start with the balances charged at the highest interest rate first and then reduce the lower-rate balances. 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.

You should have that in the Payments or Paying Your Bill section of the T&Cs

surreysaver

Payments towards a Barclaycard balance transfer pay of the soonest expiring 0% first.
Don't forget you can also spend on a Barclaycard with a 0% balance transfer on it without paying interest (as long as you pay off the spending after the statement is issued) so you can maximise the effect of the 0%.
The advice usually is don't mix and match spending and balance transfers, but with a Barclaycard you can.

Nasqueron

surreysaver said:

Payments towards a Barclaycard balance transfer pay of the soonest expiring 0% first.
Don't forget you can also spend on a Barclaycard with a 0% balance transfer on it without paying interest (as long as you pay off the spending after the statement is issued) so you can maximise the effect of the 0%.
The advice usually is don't mix and match spending and balance transfers, but with a Barclaycard you can.

Just to confirm this is the case, I have had anything up to 5 BTs running on my Barclays and they always pay towards the soonest ending