Balance Transfers in Quick Succession

Rosiebear_2

Hi,

Couple of debts:

Halifax 5800 with a limit of 14000 APR 18.9
M&S 3200 with a limit of 10000 APR 18.9

Now, Halifax are offering a 7.9% APR for the life of the balance if I transfer a balance on to it, obviously this applies to the new balance only so the existing 5800 will stay at 18.9

Is there anything to stop me transferring the 5800 from the Halifax card onto the M&S Card thus clearing it and then a week later transferring the complete new M&S balance onto the halifax thus making use of the 7.9% rate?

I already have a couple of 0% cards being used and don't want any more new cards.

Any helpful advice?

clio

It will cost you 2 bt fees, 1 at £174 and other at £270 but other than that i
myself wouldnt see any problems apart from do they alow 90 % or 95% of your credit limit??

Rosiebear_2

Yeah that's the only thing. M&S will allow me to transfer up to 90% of the limit so it's a little short. I could probably pay off the little surplus left on the Halifax before I transfer it all back.

M&S are charging 2% transfer fee, they're actually only charging 3.9% for 6 months on the balance too. The speed of the transfer is due to Halifax saying I have up to 15th Feb to transfer a balance to them for the 7.9% lifetime rate.

:S

clio

well 5800 at 2% is 116 so if you paid of say 150 before you bt'd and taking into account the bt fee you will still be under. Or bt 5600 to m&s then pay the balance off before sending the bt back again. going back to halifax is ok coz your m&s balance would not amount to anywhere near 90/95% so your ok there. Hopefully someone else will be along to clarify if my post is correct lol - wouldn't want to get things wrong for you

Rosiebear_2

Hehe, I think what you're saying is right Clio.

Fits with my mental model anyway!

I just wanted to check there was nothing about transferring a balance off a card and then a bigger one straight back onto it (well within 2 weeks anyway).

clio

Rosie
well i've not heard of any one saying they have had probs doing that, did searching on here bring up any posts that were like what you were enquiring about??