quick question : transferring to and from the same two credit cards

redballoon_2

hi, will my credit rating be affected if i keep transferring to and from the same cards? i do a balance transfer then end up spending on it for one reason and another so xfer to the other card, but if that rate of interest is higher, i transfer the debt back to the original card.

Rafter

Shouldn't affect your rating. What might happen is that one of the lenders spots you are a 'switcher' and decides not to offer you existing customer balance transfer offers.

Try not to spend on transfer cards though. That is the classic catch they use to get you to pay them more interest over time.

R.

redballoon_2

yeah i know that, they are bloody crafty!

Hopefully this is the last transfer that i'll do.

I have used the snowball calculator that someone told me about, and have found out that what i was going to pay each month wasn't going to cover it, per month! so i am going to have to pay more off to start with.

i put in the calculator, that it was a minimun of 5% of the balance to pay each month, but i am not sure this is correct. it's a HSBC card. would they be able to tell me what it is?

P.S I am paying much more than the minimum payment each month

angelica

I have Gold HSBC card and minumum payment is £5 or 3% which is greater (you can find this info in the section 'important information about your account' at the back of your statement).