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Will this credit card trick work?
Captain_JMac
Posts: 6 Forumite
in Credit cards
My MBNA credit card will let me do a balance transfer to pay off an overdraft at 0%. I was thinking of using this to pay off my HSBC overdraft facility (about £700). However, I would then have to pay off the 0% transferred balance FIRST, all the while my existing credit card balance would still be accruing interest (about £600).
So my question is this, if I used the rest of my HSBC overdraft limit to pay off the existing balance on my MBNA card (taking the overdraft total up to about £1300), would I then be able to transfer the newly increased overdraft back onto the MBNA credit card to receive 0% interest on the entire credit card balance?
Phew, hope that made sense!
ps. Love the site!!
So my question is this, if I used the rest of my HSBC overdraft limit to pay off the existing balance on my MBNA card (taking the overdraft total up to about £1300), would I then be able to transfer the newly increased overdraft back onto the MBNA credit card to receive 0% interest on the entire credit card balance?
Phew, hope that made sense!
ps. Love the site!!
0
Comments
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Sounds like a plan!0
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Yes I think it will work but you will have to pay the BT fee on the £1300.0
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