Credit Card Shuffle Advice

debt-offensive

Hi all,

Just read the excellent Credit Card Shuffle article and was looking for some advice as I'm not 100% clear...

My barclaycard is offering 6.9% for the life of any new balance transfers. I also have an MBNA card which I cleared a few months back. Is it possible to to transfer the barclaycard balance to the MBNA card and then transfer it back to get the 6.9% deal? Or would barclaycard see that it has gone to, and is coming back from, the same card, and not allow it?

I would also be adding my overdraft to the MBNA card before transfering it all back to barclaycard, so the actual amount would be different.

Thanks in advance for any help

CannyJock

No reason for it not to work, sounds straight forward as you've already got a nil balance on the MBNA card. Don't forget to allow for the BT fees when you work out what to transfer back to the Barclaycard - and remember to transfer enough to cover any residual interest when you move the balance to the MBNA card (add on last month's interest to the current balance as a rough guide). Also worth checking if you'll be affected by any cap on the amount you transfer - some Barclaycards it's 90% of limit or £5000 is the maximum.

Jigga

Hi D-O, I did exactly what you are suggesting a couple of months ago when I was offered a 0% deal on my HSBC card and it worked like a charm. My debt took a one week holiday to another card and then came back home again. As CannyJock has said, don’t forget to factor in BT fees and interest.

CannyJock

Meant to say, be sure to get a nil balance statement on your Barclaycard, they allocate payments on your statement date, so you need a nil or credit balance statement from them BEFORE you take them up on the BT offer.