when paying off your cc ...

cazbarfeatures

hello,

I have a Barclaycard that has a 0% balance transfer until next year and 0% on purchases for 3 months. I transferred the balance first then made a purchase. When paying my cc bill each month does some money go towards the balance transfer and then some to the purchase or will I be paying interest after the initial 3 months until the card is paid off?

sorry being thick probably

Caz

MykMallett

You'll be paying the least expensive debt to the bank. So, as the purchase promotion runs out first, I would assume you'll not pay any of that purchase off until the balance transfer has been paid off.

I base this on no fact whatsoever

YorkshireBoy

Never, ever, spend on a card after balance transferring to it.

The current Barclaycard Platinum card's allocation of payments is...

Allocation of payments

Payments you make will reduce your balance in the following order:

1. Promotional balance transfers and fees
2. Promotional purchases
3. Interest, fees and charges
4. Standard rate purchases and balance transfers
5. Cash Balance

If your T&C's are the same, then yes you'll be paying interest on your purchase(s) from month 4 and until you completely clear the card.

cazbarfeatures

Oh Bum Fluff!!

Serves Me Right I Guess.

I'm Not Going To Be Able To Pay Off The Full Balance In 3 Months Not Unless GoOd Old Mr Camelot Pays Me A Visit

DestroyingAngel_2

Hi cazbarfeatures, I got this off the Barclaycard Platinum cc site:


Platinum Balance transfer terms and conditions

9 month's interest free on credit card balances and three months on purchases... if that's tempted you to go platinum, here's the small print:

1. You can transfer between £250 and £5,000 or 90% of your credit limit, whichever is lower, depending on the available credit limit on your account.
2. We reserve the right to refuse a credit card balance transfer or to limit the amount you can transfer. If we do allow you to transfer an amount over your balance transfer limit, this will be debited to your account and charged at 6.9% interest per annum untill paid in full. We will not charge a handling fee.
3. A 1.7% handling fee will apply to each 0% interest balance transfer you make.
4. We can't accept transfers from cards or loans issued by companies within the Barclays Group.
5. If you choose to close your account with other lenders, please let them know in writing.
6. You should continue to make payments to your other lenders until the balance has been confirmed.
7. Your monthly payments will reduce your promotional balances first (longest duration first). so you will be charged interest (where it applies) on other balance and new spending whilst your promotional balances are paid off. Obviously the more you pay back, the quicker your balances will be paid off.
8. If you do not make at least the minimum payment by the payment due date or if you exceed your credit limit at any time we will remove the promotional rate and revert to charging at your standard purchase interest rate (typical rate 14.9% APR variable).
9. This credit card balance transfer offer is only available when you apply online using this application form.
10. To qualify for this balance transfer offer you must transfer any balance within 60 days of opening your Barclaycard account. Please see summary box and Barclaycard conditions about allocation of payments.

If you look at clause 7, you're going to be paying off the BT first before touching your purchase balance. Now, IMHO that's not fair, as if you spend on the card you'll be paying interest after the first 3 months. What good is a CC that you can't use for purchases?? Ideally, you should keep your BT card for BTs only. Never, ever mix BTs with retail!