Newbie Q: Multiple Balance Transfers

gambool

Hi All,

I have £14k on two credit cards, and was considering taking a loan out to make things easier. However, i've just received balance transfer offers from two of the three cards I hold.

Capitol One: 0 (of 6500) - have offered 0% for 12m at 3%.
RBS: -7600 (of 8000) - have offered 0% for 15m at 2.9%.
Egg: -7800 (of 8000)

I'm considering taking this up, as if I can keep the payments up for another year that would be a hefty chunk off the total balance (if i can avoid using them!). My question is could I make he following transfers and still get the 0% on the RBS card:

RBS to Capitol One: 6500
Egg to RBS: 6500

Or would transferring out 6500 from RBS followed by transferring in 6500 somehow void my offer?

Many thanks.

CannyJock

You could do this for sure. It'll leave £1,100 on the RBS at your standard rate - at whatever that is. The allocation of payments for the rest of the year will allocate your minimum payments to the 0% debt before touching the standard rate debt, but that'll change come January.

You know to pay the minimum on the 0% deals and put every penny to the highest APR debt?

There's a chance that they withdraw the offer once you shift a chunk off the card, but you've nothing to lose.

TFD_2

Bear in mind you can't transfer up to the account balance, so the transfer will leave more than £1100 on RBS. In an ideal world, you could do with clearing the RBS card before putting anything on it. If you can lay your hands on £1500, that'd help! Either cash, or a 4th card with a BT deal... always much better to BT onto an empty account.

Definitely a good move to shift the debt around, could well save you circa £2-3K in the next 12 months...

Degenerate

Maybe worth asking Capital one if they can extend your credit limit a bit?

gambool

Thanks all. Forgot to mention i've got an annual bonus money coming this month, so intending to pay off the surplus £1100 on RBS (will do before the balance transfer). And if RBS withdraw their offer, I guess I'll just apply for another BT card.