Balance transfer twice from same card?

dan_l

Hi,

I have an AA card which had a £1000 balance and was coming towards its interest free period so I have just transfered that to a new credit card with a 16 month interest free credit rate on balance transfers.

Now it just so happens that I was looking to get a £1000 loan for some home improvements but what I was thinking of doing is taking £1000 off the old credit card and then doing a balance transfer straight away from the new one which would mean I have done 2 balance transfers from one card to another card. The limit on the new card is £3400 so it would still be well below the limit.

Can anybody see any problems with this?

If this will work ok, what would be the best way to get the money off the old card, I know I can get a cash advance where they transfer the money into my account but they charge a one off fee for that, would it work out better to withdraw it from the cash point and then initiate a balance transfer from the new card straight away? There are the rates showing on my online screen if it helps:

Details of when the rate applies Rate charged Balance
Transfers 1.4566%
Cash Transactions 2.0751%
Card Purchases 1.3133%
Cheques & Money Transfers to bank accounts 1.5976%
Default Sums 1.3133%

Thanks,
Dan

karmachilovething

Hi Dan

I've been thinking of doing a similar thing, and have asked the same question on the balance transfers sticky (no reply as yet)

In answer to your how do you get the money off the CC before you balance transfer, I was going to do it over a couple of months, using the CC for general spending, reserving the cash in savings. Don't know if that will work for you as a system.

Hopefully one of us gets an answer. I'll let you know if I do.

billymadbiker

It should work fine.
You will get charged to take the cash out or transfer into a bank account so either use for normal spending as said above or go into argos or a supermarket and buy a load of gift vouchers and sell them on to friends etc..
I even managed to get a local, independent, garage to sell me 500 pounds worth of i.o.u's for diesel once..