Multiple Transfers With 0% Balance Transfer Cards

lethal0r

Hi, is it possible to transfer for example £1000 to a 0% card in one month, then the next month pay it all off, then the next month transfer £1000 again, and so on like that. Would it always be at 0% APR?

I promise I have thoroughly checked around for the answer but I cant seem to find it

Tom

The_Boss

No it wont, as all cards have expiry dates for the 0% offer and most state that you must do the transfer within the first month or three months.

Milarky

Answer 1:
Yes you can do this. I call them 'interest-free period (IFP) transfers'. cahoot is one card still doing this. Nationwide did until last June. It is a risky game, however, as missing making the full payment by just 1 day (or underpaying the statement balance by 1p) results in you being hit by the 'full' standard rate of interest back to when you requested the transfer.

Answer 2:
You can do repeat balance transfers only on certain cards during the initial 0% period of 6 (or 9) months - which allows you to continue to borrow against the minimum payments which you make. (Occasionally issuers increase you limit after you get the card and you might wish to take advantage of this further limit also). But this varies from card to card and many (as boss points out) are 'wise' to this and restrict your ability to do so whilst others make it not worth doing by applying fees (of typically 2%) to repeat '0%' transfers.