Credit Card shuffle - can I do this>>>>

kragen_ironfist

ok heres the deal I have four credit cards at the moment

£1,544.88 on Capital One @ 3.5% APR for life (balance transfer) - credit limit £9,000
£1,525.44 on Barclaycard @ 0% APR until January 2007 (balance transfer) - credit limit £1,700
£1,214.78 on HSBC @ ??% APR (1.167% per month) - credit limit £5,500
£831.20 on Abbey @ ??% APR (1.160% per month) - credit limit £8,600

and before some smart alec says "why didn't you put it all on Capital One if they gave you such a high limit?" its because the other cards have increase since I transferred the balance besides when I did the capital one car 3 years ago I transferred just over £6,000 which I've been paying off at £200 per month

anyway back to the pint in hand - Abbey have just sent me through some credit card cheques - AGAIN - however this time they are offering me 0.000% on cheques and balance transfers until January 2007. - sounds good says I - there is a catch though a 2% handling fee (max £50)

what I want to know, is could I transfer the current balance from the Abbey card to HSBC and then transfer the lot back to Abbey to get the promotion on the whole £2,045.98 ??

Also - would this be a good way to get out of my overdraft? (currently £1,200)

jonesMUFCforever

Sounds good to me BUT THIS IS A SHORT TERM MEASURE ONLY!!
You really need to sit down and work out your income and expenditure and actually reduce what you owe not just shuffle it about.
Remember when you have done a BT never use the card again for purchases until it as been completely cleared.

grumbler

kragen_ironfist wrote:

...what I want to know, is could I transfer the current balance from the Abbey card to HSBC and then transfer the lot back to Abbey to get the promotion on the whole £2,045.98 ??

Yes, although this will cost you extra £831*2% for the BT to HSBC.

Also - would this be a good way to get out of my overdraft? (currently £1,200)

Why not?

kragen_ironfist

thanks

yes I know this is short term, my intention is to carry on paying the capital 1 @ £200/month whilst min payuements on the others at 0% the transfer the balances in january

kragen_ironfist

i suppose the question I meant to ask is will I get penalised by Abbey national for transferring away then transferring straight back to get the 0% deal - i.e. will they spot what I'm doing and punish me for it?