Card shuffling between two accounts
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Shaunyboy87
Posts: 1 Newbie
in Credit cards
Hi,
I am aware of credit card shuffling to reduce interest, however i was wondering if there are rules on shuffling between cards after transfers have been applied.
Example (excuse dollar sign, no pound sign on keyboard):
$6,000 on card A at 10% with limit of $8,000.
$8,000 on card B at 20% with limit of $10,000.
Card B are currently running a promotion.... Balance transfer of 7% for 5 years with no handling or transfer fees.
Can I transfer $2,000 from card A to card B to receive the 7% interest, leaving $4000 debt on card A.
The question is whether or not I can then transfer $4,000 from card B back to card A to reduce the interest from 20% to 10%.
Will the transfer come from the money with the 7% interest rate or from the one with 20% interest rate. Or does the transferred money have to remain in the account for a minimum amount of time?
Hopefully that makes sense.
Cheers.
I am aware of credit card shuffling to reduce interest, however i was wondering if there are rules on shuffling between cards after transfers have been applied.
Example (excuse dollar sign, no pound sign on keyboard):
$6,000 on card A at 10% with limit of $8,000.
$8,000 on card B at 20% with limit of $10,000.
Card B are currently running a promotion.... Balance transfer of 7% for 5 years with no handling or transfer fees.
Can I transfer $2,000 from card A to card B to receive the 7% interest, leaving $4000 debt on card A.
The question is whether or not I can then transfer $4,000 from card B back to card A to reduce the interest from 20% to 10%.
Will the transfer come from the money with the 7% interest rate or from the one with 20% interest rate. Or does the transferred money have to remain in the account for a minimum amount of time?
Hopefully that makes sense.
Cheers.
0
Comments
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Probably Card B will not let you transfer more than 95% of the limit
I guess the tranche of borrowing that you transfer from B to A will depend on their T&C but expect the outcome least favourable to you until you are sure.
They probably don't know or care that it is the same money you are moving between B and A, unless you make a large number of suspicious transactions.0 -
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