Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • shayne66
    • By shayne66 29th Jan 18, 3:50 PM
    • 44Posts
    • 5Thanks
    shayne66
    sorting out balances
    • #1
    • 29th Jan 18, 3:50 PM
    sorting out balances 29th Jan 18 at 3:50 PM
    okay so here are my details and just want to confirm i will be doing things the right way.
    i have 2 credit cards which have both started to charge interest.

    MBNA 4425 balance (although i have an offer for balance transfers to this card at 0% for a year with a 2.5% fee that expires 31st jan 2018)
    Tesco 900 balance (no current offers)

    i have just this month closed an old barclay card (credit limit was 11,000 but no offers as account had been inactive for so long) an account that i forget i had and found it after doing i credit check on myself.

    i have applied for and got 2 new credit cards with small limits
    sainsburys 1500
    post office 2400
    am i right in thinking to transfer as much as my mbna card i can to the 2 new cards thus leaving a small amount on that card from my current balance and
    also take advantage and move my current tesco card onto the 0% offer from mbna.

    as this will then increase my mbna balance do they see it as 2 seperate amounts. so x is charged at interest and then the 900 will be interest free.
Page 1
    • zx81
    • By zx81 29th Jan 18, 3:53 PM
    • 16,802 Posts
    • 17,812 Thanks
    zx81
    • #2
    • 29th Jan 18, 3:53 PM
    • #2
    • 29th Jan 18, 3:53 PM
    Balances are maintained in separate pots, so some will incur interest and some won't. Payments will go to the interest bearing balance.
    • shayne66
    • By shayne66 29th Jan 18, 4:27 PM
    • 44 Posts
    • 5 Thanks
    shayne66
    • #3
    • 29th Jan 18, 4:27 PM
    • #3
    • 29th Jan 18, 4:27 PM
    okay thank you for your reply, so doing it this way is the correct way i take it?.

    i just don't want to jump into anything and shoot myself in the foot, head's a shed at the minute lol.
    Last edited by shayne66; 29-01-2018 at 10:30 PM.
    • shayne66
    • By shayne66 29th Jan 18, 10:36 PM
    • 44 Posts
    • 5 Thanks
    shayne66
    • #4
    • 29th Jan 18, 10:36 PM
    • #4
    • 29th Jan 18, 10:36 PM
    Balances are maintained in separate pots, so some will incur interest and some won't. Payments will go to the interest bearing balance.
    Originally posted by zx81
    okay, so what happens to the pot balance of the 0% does it just stay the same until my interest pot is fully paid ? since am only paying the balance from one pot (interest pot) won't it count against not paying the 0% offer pot ?

    thank you for your help, it's appreciated.
    • shayne66
    • By shayne66 30th Jan 18, 12:08 PM
    • 44 Posts
    • 5 Thanks
    shayne66
    • #5
    • 30th Jan 18, 12:08 PM
    • #5
    • 30th Jan 18, 12:08 PM
    Also, if I transfer my Tesco balance to my mbna card using the 0% offer from mbna as I need to do this on or before 31st jan.
    Afterwards when I then come to transfer from mbna to my 2 new cards (sainsburys and post office) will the transfer just come off the previous mbna balance (the one charging interest) or will it come off the newly transferred into balance (from tesco) ?
    Any help would be appreciated as I'd like to understand everything without just jumping in and making a transfer and ending up in more chargeable debt.
    • zx81
    • By zx81 30th Jan 18, 12:12 PM
    • 16,802 Posts
    • 17,812 Thanks
    zx81
    • #6
    • 30th Jan 18, 12:12 PM
    • #6
    • 30th Jan 18, 12:12 PM
    Any payments, whether by you or via a BT, will go towards the highest interest balance, leaving the remainder untouched.
    • shayne66
    • By shayne66 30th Jan 18, 2:27 PM
    • 44 Posts
    • 5 Thanks
    shayne66
    • #7
    • 30th Jan 18, 2:27 PM
    • #7
    • 30th Jan 18, 2:27 PM
    okay thats great thank you.

    so i'll clear my tesco card by moving it to mbna on the 0% deal.
    i'll then balance transfer this month when available from mbna to sainsburys and post office.
    and that should leave a small amount on mbna that is chargable interest. something that hopefully i can get sorted and payed off in a month or two.
    • shayne66
    • By shayne66 13th Feb 18, 3:30 PM
    • 44 Posts
    • 5 Thanks
    shayne66
    • #8
    • 13th Feb 18, 3:30 PM
    • #8
    • 13th Feb 18, 3:30 PM
    Hi, just a quick question regard the balance transfers.
    I have received my post office card (sainsburys on its way)
    And as it states I can transfer my limit minus 5%. So I can transfer 2380 according to post office site.
    When I do the transfer do I have to work out the transfer fee into that figure or do I put down that i want to transfer the full amount and the the fee is put on top of the requested transfer ?
    • zx81
    • By zx81 13th Feb 18, 3:36 PM
    • 16,802 Posts
    • 17,812 Thanks
    zx81
    • #9
    • 13th Feb 18, 3:36 PM
    • #9
    • 13th Feb 18, 3:36 PM
    The amount you want to transfer should be 95% or less. It then allows some headroom for the fee.
    • shayne66
    • By shayne66 14th Feb 18, 6:26 AM
    • 44 Posts
    • 5 Thanks
    shayne66
    ah, okay. is that the reason then they don't allow you to transfer your full limit amount and only upto 95% ?
    • zx81
    • By zx81 14th Feb 18, 6:29 AM
    • 16,802 Posts
    • 17,812 Thanks
    zx81
    Yep, if prevents you going straight over the limit and losing the promo before it's even begun.

    Remember not to spend on it though if you're going that close.
    • shayne66
    • By shayne66 14th Feb 18, 9:46 AM
    • 44 Posts
    • 5 Thanks
    shayne66
    Nope, the card is for the balance transfer only.
    Thank you for your help, it's been appreciated and learnt a few things along the way.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,026Posts Today

8,721Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin