Do the 2 card shuffle

Eve006.75

I have 2 cards I want to shuffle payments across on. On both, the
0 % interest has expired and now interest is between 15 and 17.5 % on both. Simply want to do a crossover of the amounts to each other as they are both offering 0 % for between 10 and 11 months each.

Is there a danger that some will not be correctly transferred to the 0% rates and that some amount will still be on the average 16 % if one or other bank is slow to do the change over.

Basically I want to move A's funds to B and B's funds to A.

Anyone else tried this with success?

TIA

Eve

Eve006.75

Worried they'll do some trick which involves me paying interest afterall

thenudeone

Now that payments must be applied to the most expensive debt it should be possible to do this, but unless the two balances are identical, you will still have to pay some extra to ensure that no balance remains at the original higher interest rate.

As long as you have enough credit limit available this should definitely be worth it, but make sure you are not just storing a problem in the future. It would still work even if you had to do it in two or more goes (if you don't have enough credit limit spare).

Eve006.75

I have plenty of credit limit and dont actually spend on these cards . They are left over balance transfers from another time. Just want to get rid of the interest being paid. Was rejected for a new Co-op card last year so cant do it that way.

There is enough credit limit on both cards to juggle

thenudeone

Go for it then. I have stoozed so much that I am finding it more difficult to get worthwhile true stoozing offers (because the fees are more than the interest I would receive on the savings).

Eve006.75

Gone ahead with the shuffle. It could all go horribly wrong or I may save a massive £430 in interest over 10/11 months.

May revisit at later date to let you know how it went.:beer:
UIpdate:

It worked. I just crossed over the payments and back to 0 % for both with just transfer fees to pay.