Money transfer allocation of payment

  • gtfleming's Avatar
    I have an 0% interest balance transfer on my card with approx 30 months left. My credit limit has been increased and I wish to do a temporary money transfer for about 4 days.

    When I pay back the money transfer amount next week(will pay whole amount) will the payment clear off the money transfer ?

    I do not wish it to go towards the 0% existing balance as I am happy paying that off each month.
  • 2 Replies

  • chaddman30's Avatar
    Supervisor
    Looking at the back of my most recent online statement it appears there is no introductory offer for Money Transfers (unless you've opened the specific Money Transfer card from Tesco Bank and/or Tesco Bank have sent you an offer). As this will attract interest from the date you've requested the M.T. until it's repaid in full Tesco Bank will use your repayment to clear the transfer first before your current 0% Balance Transfer promotion. It's also worth pointing out because you've not cleared your balance (mixing a B.T. and M.T.) in full you may see a charge for interest from your next credit card statement. This interest may continue to be charged until the statement produced after you've made all of your repayments (it's known as Trailing Interest). Hope that helps until one of the team replies to you.
  • AdamF's Avatar
    Employee
    Hi @gtfleming, you would only be able to pay the money transfer off once it's been printed on your statement so you will need to wait until this is generated to make that payment.
    Generally speaking, is correct as the payments made will be allocated to the balance with the highest amount of interest but if you make the payment before the money transfer shows on your statement then it can't be allocated correctly. I hope this helps