Use a credit card to pay a credit card?

itsgottogetbetter

Hi

Am not sure even if my credit card woud allow this but this is what I am thinking...

I have an inactive MBNA card with £3555 on it and APR on nearly 30% I also have a barclaycard with a limit of £4800 and only £500 on it. APR 16% purchases. I have asked Barclaycard about 10 time now if they can offer me a balance transfer rate and each time they say no offers at the minute.

Would I be able to pay off my MBNA as a purchase so am paying less interest?

Would be interested to know all your thoughts?

Thank you

jonesMUFCforever

No in a word.
If Barclaycard say no to a balance transfer then the only way to you coulddo it is by doing a cash advance which would attract horrendous interest charges and put you in a worst position than now.

Moggles_2

If your credit files can take it, I'd apply for a new 0% balance transfer card.

To help you further, we would need to know which credit cards - besides Barclaycard and MBNA - you have at the mo or have held recently.

Regshoe

In answer to your original question there is a good reason you can't pay a CC with a CC if you think about it. If I pay off CC1 with CC2 I can then wait for the CC2 statement and pay with CC1 and so on - never actually repaying the money, but also never missing a payment.

heloid

One way of shifting the debt, albeit slowly is to:
Make minimum payments on Barclaycard and use it for ALL spending possible.
With the cash you are not using for your spending pay off your MBNA card.
Make sure your control yourself, otherwise you are overspending and increasing your debt, your MBNA card should go down = normal dept payments + spend on Barclaycard.

binaryuniverse

Would you be able to reactivate your MBNA card? What I'm thinking here is either pay off the £500 on the Barclaycard with available funds or by shifting it to the MBNA account. Then ring up Barclays, ask to close the account and you may be offered the 6.9% LOB deal.

This does carry a large risk of them simply saying "ok then" and closing the card so be aware that it might not go to plan.