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    • Boppy30
    • By Boppy30 12th Jul 18, 4:48 PM
    • 9Posts
    • 0Thanks
    0% cards and promotion periods
    • #1
    • 12th Jul 18, 4:48 PM
    0% cards and promotion periods 12th Jul 18 at 4:48 PM

    Wondering if anyone can answer my question regarding credit card balances and how the payments are allocated. I have the following cards at the moment all on 0% with no spending on them, just trying to clear the balances.

    1. MBNA – Current balance £6770. Statement says £5336 is at 0% until 2/11/2020 and £1433 at 0% until 1/6/2020 - Currently pay £70 per month
    2. Virgin – Current balance £4576. Statement says £3353 is at 0% until 14/11/2020 and £1223 at 0% until 31/05/2020 - Currently pay £50 per month
    3. Barclays – Current balance £7379.52. Statement says £3637 at 0% until 01/01/2019, £2021 at 0% until 22/10/2019 and £1720 at 0% until 01/06/2020 - Currently pay £170 per month

    I understand that after the 0% period ends the rate reverts to the standard apr, however what happens when you have 2 deals ending at separate times?

    For example, when the 0% deal on the Barclay card ends for £3637 in Jan 2019, how much interest will that accrue each month? Does the remaining £2021 and £1720 stay at 0% and therefore interest only applied to the £3637? I have an additional £150 I can put towards repayments – if I was to up the amount I pay to £320 per month on Barclays then will that extra money come off the interest bearing sum or the 0% ones?

    Is it better to try and transfer it all to another 0% card?

    Many thanks
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    • Westminster
    • By Westminster 12th Jul 18, 5:03 PM
    • 876 Posts
    • 529 Thanks
    • #2
    • 12th Jul 18, 5:03 PM
    • #2
    • 12th Jul 18, 5:03 PM
    Every time you transfer you incur fees (I usually see 4-5% but I suppose there will be some either side of that) which means its not really 0%.

    If it were me, I would have DDs for the min payment and put the rest of my spare money into the highest interest account I can find (I have many current accounts for this - but check the conditions) then a couple of weeks (just to be sure) I have it diaried to pay any promotional balance off.

    I've never had 2 active promotions on the same card so can guess how it works but suggest you phone the card company to be sure.
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

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    • zx81
    • By zx81 12th Jul 18, 5:35 PM
    • 18,650 Posts
    • 19,918 Thanks
    • #3
    • 12th Jul 18, 5:35 PM
    • #3
    • 12th Jul 18, 5:35 PM
    The t&C's will tell you how multiple promos are handled by each card, as it varies.
    • Anthorn
    • By Anthorn 12th Jul 18, 7:28 PM
    • 3,917 Posts
    • 1,037 Thanks
    • #4
    • 12th Jul 18, 7:28 PM
    • #4
    • 12th Jul 18, 7:28 PM
    I have two 0% promotional offers going at the same time with my Lloyds Bank credit card. But each is separate from the other with differing periods (9 months and 18 months) and therefore differing end dates. It is possible to have any number of promotional offers going at the same time at Lloyds Bank so long as the total allowed, a fraction of the credit limit, is not exceeded.

    However I have never heard of separate duplicate promotional offers with the same rate and the same period on the same card.
    • Boppy30
    • By Boppy30 13th Jul 18, 7:18 AM
    • 9 Posts
    • 0 Thanks
    • #5
    • 13th Jul 18, 7:18 AM
    • #5
    • 13th Jul 18, 7:18 AM

    Thanks for all your responses. I will call the bank and find out what will happen after. The Barclays is the most pressing at this point as one of the 0% periods ends in Jan 2019. I suppose I want to know that if I pay x amount, will it come off the offer that is ending first or last? Or just come off the overall balance.

    Next time I will not take out multiple deals on the same card as its confusing my tiny brain right now.

    • molerat
    • By molerat 13th Jul 18, 9:18 AM
    • 19,327 Posts
    • 13,530 Thanks
    • #6
    • 13th Jul 18, 9:18 AM
    • #6
    • 13th Jul 18, 9:18 AM
    For all 3 of those cards the information is very clearly stated in the T&Cs, one I already knew and it took just 2 minutes to find the others with Google. BC & Virgin allocate to the first ending and MBNA allocate to the first starting. Surely the statements show one of the balances reducing. When the promo ends all payments will go towards the now non promo balance and the promo just sits there. If you get another BT card anything you transfer will be in accordance with the normal payment allocation.
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