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?