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Juggling credit cards - advice please
PentaxWidget
Posts: 1 Newbie
in Credit cards
Ok here is the scenario - does it work?
A small business has two credit cards and a supplier to pay:
Credit Card A is maxed out at £5000 29.9% interest
Credit Card B is maxed out at £5000 20.7% interest
Cash in bank £5000
Supplier due £5000
Instead of using cash in bank to pay supplier...
If the cash in bank is used to pay credit card A off in full (and given that the limit will be allowed to remain at £5000),
and then Credit Card B has its balance transferred to Credit Card A which is offering 0% interest on balance transfers for 12 months
and then Credit Card B is used to pay supplier
(allowing for balance transfer fee and credit card payment fee when paying supplier by credit card)
Would this save me interest on Credit Card A for 12 months or am I forgetting/missing something?
Advice appreciated.
A small business has two credit cards and a supplier to pay:
Credit Card A is maxed out at £5000 29.9% interest
Credit Card B is maxed out at £5000 20.7% interest
Cash in bank £5000
Supplier due £5000
Instead of using cash in bank to pay supplier...
If the cash in bank is used to pay credit card A off in full (and given that the limit will be allowed to remain at £5000),
and then Credit Card B has its balance transferred to Credit Card A which is offering 0% interest on balance transfers for 12 months
and then Credit Card B is used to pay supplier
(allowing for balance transfer fee and credit card payment fee when paying supplier by credit card)
Would this save me interest on Credit Card A for 12 months or am I forgetting/missing something?
Advice appreciated.
0
Comments
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PentaxWidget wrote: »Ok here is the scenario - does it work?
A small business has two credit cards and a supplier to pay:
Credit Card A is maxed out at £5000 29.9% interest
Credit Card B is maxed out at £5000 20.7% interest
Cash in bank £5000
Supplier due £5000
Instead of using cash in bank to pay supplier...
If the cash in bank is used to pay credit card A off in full (and given that the limit will be allowed to remain at £5000),
and then Credit Card B has its balance transferred to Credit Card A which is offering 0% interest on balance transfers for 12 months
and then Credit Card B is used to pay supplier
(allowing for balance transfer fee and credit card payment fee when paying supplier by credit card)
Would this save me interest on Credit Card A for 12 months or am I forgetting/missing something?
Advice appreciated.
Unless.....
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