Credit card transfer mistake

[SoRad]

I have debt on 2 CCs, I don’t use them, just paying them off.

They were both 0% up until now. I’ve been snowballing the one which has just come to the end and paying the minimum on the other… the 0% is for another year.

Due to the 0% ending on CC1 I have today transferred the remaining balance to CC2 with an offer of 0% for the next 12 months. Happy days… debt is now all in one place and all on 0% for the next year.

It’s just shy of £4.5 and I’ll be paying £400 each month so hopefully I’ll have it paid off within the promotion offer.

However, I’ve just done the transfer now, it’s still pending until tomorrow. But my monthly payment of £400 on CC1 is also due out! So I’m not sure how it’s going to turn out? Will CC2 just take what’s in CC1 even if it’s £400 less? Or will I end up £400 in credit on CC1 and is this an issue?

thanks

If you set the amount to be transferred, rather than asking them to 'transfer whatever amount you owe' it will probably be £400 too much and CC1 will end up in credit. In any case, quite often, the DD will be 'set' a few days before it actually comes out, so too late to reflect the balance transfer. But then again, how do you actually pay, DD or Standing Order - £400 sounds like a high DD on a balance that size, so if you are actually paying by SO and can you cancel it? But sometimes you can ask the CC to take a fixed amount by DD.

If CC1 goes into credit, the simplest thing will either to call CC1 and ask for the £400 to be transferred to your bank account, or you could just do £400 or so of your normal spending (groceries, petrol, etc) using CC1 to use it up over the next few weeks at most.

Thank you.

I have a dd going out every month. I chose the amount as I’m trying to clear it asap.

It’s still pending, but I expect it will be in credit. Thank you. I was
worried the account would close and I’d lose the £400 🙈