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  • FIRST POST
    • Rclj
    • By Rclj 16th May 18, 7:05 PM
    • 15Posts
    • 0Thanks
    Rclj
    payment allocations
    • #1
    • 16th May 18, 7:05 PM
    payment allocations 16th May 18 at 7:05 PM
    i have recently transfered money around 2 credit cards so that in theory i would have one with a balance of 4000 @ 0% and the other would reduce a 20.6% apr to 4.9% this was the best case scenario i could achieve with my credit history
    i have recieved my statement and the 0% card is showing 2000@ 0% and 2000 @ 19.17
    my understanding was that payments above minimum would be allocated to the higher interest and one of the transactions has done this but the other has come off the 0% balance im not sure if ive messed up or there is a mistake ?
Page 1
    • zx81
    • By zx81 16th May 18, 7:07 PM
    • 16,813 Posts
    • 17,817 Thanks
    zx81
    • #2
    • 16th May 18, 7:07 PM
    • #2
    • 16th May 18, 7:07 PM
    Payments (not just those above minimum) are allocated to the highest statemented balance, with the exception of one or two where they do not need to have statemented.

    You need to work out what payments you made, when and what was on your statement at the time.
    • LesCats
    • By LesCats 16th May 18, 7:08 PM
    • 8 Posts
    • 1 Thanks
    LesCats
    • #3
    • 16th May 18, 7:08 PM
    • #3
    • 16th May 18, 7:08 PM
    Have u tried contacting your card company?
    • Rclj
    • By Rclj 16th May 18, 7:16 PM
    • 15 Posts
    • 0 Thanks
    Rclj
    • #4
    • 16th May 18, 7:16 PM
    • #4
    • 16th May 18, 7:16 PM
    I contacted them today they are looking into they did mention that it might be something to do with the statements but my understanding was that if i make a transaction they start charging interest 1 day later so any payments i make should be going to that ?? have i misunderstood this ?
    • zx81
    • By zx81 16th May 18, 7:18 PM
    • 16,813 Posts
    • 17,817 Thanks
    zx81
    • #5
    • 16th May 18, 7:18 PM
    • #5
    • 16th May 18, 7:18 PM
    Yes, you've misunderstood it.

    Payments are allocated to the highest rate statemented balance.
    • Rclj
    • By Rclj 16th May 18, 7:36 PM
    • 15 Posts
    • 0 Thanks
    Rclj
    • #6
    • 16th May 18, 7:36 PM
    • #6
    • 16th May 18, 7:36 PM
    ill just have to see what comes from their investigation but i guess i know what will happen. I did call them when i was about to make first payment to ask if what i thought to be correct was indeed correct and the lady i talked to confirmed it was so maybe a glimmer of hope on a bad advice basis but wont hold my breath
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