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Risks for balance transfer swapping?
fat-pudding
Posts: 161 Forumite
in Credit cards
Hi people,
I've currently got quite a bit of personal debt totally around 13.5k on an income of 24k a year. At the moment I've got an MBNA credit card with a £4k limit with no balance on it and 27% apr and a Barclaycard with about £3900 debt on it at 17% apr. I just called MBNA to see if they'd do me a balance transfer offer and they said no, standard rate only.
My question is if I transfer the entire amount off the Barclaycard to MBNA for a month and then tried to balance transfer back to Barclaycard at 6.9% a month later would this work? I'm concerned if I do this that Barclaycard might suddenly drop my limit, put the standard rate up and not let me have do a cheap balance transfer back to their card again.
Any suggestions? I'm happy to do this if it will save me money over the long term (which it will!) but if it may mean I end up having to transfer back at a higher rate I'd be gutted as it would cost me significantly more. Does anyone have experience of this? If it is risky then I'll just call MBNA back and tell them to cancel the card as I'm trying to improve how my credit profile looks so I can get access to cheaper rates. It seems everyone is far harder to get offers out of banks now as even though I owe a fair amount of money I've never missed a payment on any card, loan, bill etc. and nobody wants to offer a good limit and a good rate at the same time.
I've currently got quite a bit of personal debt totally around 13.5k on an income of 24k a year. At the moment I've got an MBNA credit card with a £4k limit with no balance on it and 27% apr and a Barclaycard with about £3900 debt on it at 17% apr. I just called MBNA to see if they'd do me a balance transfer offer and they said no, standard rate only.
My question is if I transfer the entire amount off the Barclaycard to MBNA for a month and then tried to balance transfer back to Barclaycard at 6.9% a month later would this work? I'm concerned if I do this that Barclaycard might suddenly drop my limit, put the standard rate up and not let me have do a cheap balance transfer back to their card again.
Any suggestions? I'm happy to do this if it will save me money over the long term (which it will!) but if it may mean I end up having to transfer back at a higher rate I'd be gutted as it would cost me significantly more. Does anyone have experience of this? If it is risky then I'll just call MBNA back and tell them to cancel the card as I'm trying to improve how my credit profile looks so I can get access to cheaper rates. It seems everyone is far harder to get offers out of banks now as even though I owe a fair amount of money I've never missed a payment on any card, loan, bill etc. and nobody wants to offer a good limit and a good rate at the same time.
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