The mother of all credit card shuffles!

HairyHandofDartmoor

I am really chuffed today. We have just completed a series of credit card shuffling today, meaning that our last debt is now on low interest:j

We started off by applying for an Amex card in the spring and transferred half of OHs barclaycard debt onto this. Got refused a Capital One card:mad: as told OH had too much debt for his income, so we were stopped in our tracks then. But after much thought we decided upon a plan, to pay off the Barclaycard by living frugally and working hard to earn extra money and then once this was paid off, to do a series of shuffling.

So we worked really hard for months and did the following 1.we paid off the Barclycard in September, 2. transferred our entire Lloyds balance onto it at 6.9% for life of balance (from 16.9% to 6.9% no transfer fee), 3.today transferred our entire Egg balance onto the Lloyds card at 5.9% for life of balance (from 16.9% to 5.9% no transfer fee)

The above was all for Oh. For me I applied for an M&S card in September and transferred my entire Barclaycard balance to it (from 11.9% to 3.9% life of balance and no transfer fee).

Now our joint interest rates for me and OH are Barclaycard 6.9%, Lloyds TSB 5.9%, Amex 4.9% and M&S 3.9%. Now we are going to snowball the Barclaycard as 6.9% is our highest interest rate:T

I feel such a sense of victory after years of paying out from 19.9% to 16.9%:T Now we are playing the banks at their own game!:D Sorry if this is long and boring but I just had to celebrate by telling everyone!

beanielou

Well done on all your hard work.
Thats a great outcome for you

Phoenix79_2

Well done! Thats some quality shuffling! I'm in the process of doing something similar myself.

pudding06

Oh this is excellent - I'm hoping to do this in the future when I pay off my first card. I'd love to have interest rates of 6.9% as the highest instead of 22.95% with the halifax!!!

pudds

madmalteaser

Well done you! It's always great when you can play the credit card companies at their own game.

HairyHandofDartmoor

I am pleased! We used all Martin's tricks. We said we wanted to close the card, got through to closures and they offered us a deal! We casually mentioned that other cards were offering better interest rates and they immediately offered us a good rate!

It will make a big difference to how quickly we pay back the cc debts and as we have no other debts apart from our mortgage our highest rate is now 6.9%!

The cc companies and banks have made a fortune out of us over the years, and now we are at least reducing the amount they are making out of us.

Our ultimate plan is to have lots of savings so they have to pay us money!