Card Shuffle

Sirmetin

I was a little dissapointed that during the card shuffle example Mr Lewis did not point out that it may be best to move funds out of in his case the 6.9 for life card into the 2.9 for one year as payments are always taken off the low rate funds first. Which means all the high rate interest on that card will be locked untill the transfred balance is paid off. Doing the transfer the way I suggest would have more funds at the lower rate. Route would be move existing funds from card with 6.9 offer to card with 2.9 offer then move £5000 into 6.9 for life card.

MSE_Martin

I couldn't agree more. It was in there when I filmed it. Sadly today's been a struggle, we tried to fit everything in but had a lot to cut out both in that film (which was origianlly 3 times over length) and then in the programme itself, there were a lot of edits that meant while the prog worked, it was a little more flimsy than i'd perhaps like moneysaving wise.

However even without the shift in shift out (which you must remember can sometimes be blocked by card companies so isnt such a simple explanation) the technique still gives big savings.

The web resource on the back does explain this... http://www.moneysavingexpert.com/cards/cut-credit-card-interest

But on the whole... I was a little dissappointed with the fact it had to be cut too. Though there was no choice.

On the whole though the aim of TV is to enthuse people to act, as well as give info and I think we did that.

Martin

Sirmetin

Yes and with some cards charging up to 3% upfront for the transfer it needs to be carefully considered.

The circular funds problem of moving debts back and forth could be avoided in the case you demonstrated as there was enough room to move the funds directly from a single card to a lower interest solution. As long as there are a few cards with some credit it should always be possible to move the funds without having to move them off the card and back to the same one. The back and forth option can be self defeating if the move is charged in both directions. The ideal solution is one like you demonstrated with the funds moved to clear the longterm low interest card by passing them to another low interest solution.

MARTINS_DOLL

Welcome to MSE Sirmetin...:hello: