Barclaycard Loophole

J_o_n_n_y · 30 March 2011 at 1:38PM

Hi there...

Just searched the forums and not quite found what I need to know yet so would greatly appreciate some advice...

Does anyone know if the Barclaycard loophole still works? (as it was written in 2009)

(I cant post the link as I am a new user but it can be found my searching 'Barclaycard loophole' on the MSE website)

I have 2 credit cards, Barclaycard (24.9%) at £2,150 with a £6,500 credit limit and Virgin money card at £4,200 with £5,000 credit limit also with a high interest rate (which I have just applied to increase to £6,500 to allow the transfer).

Barclaycard are offering 0% on balance transfers until Jan 2012 on any additional balance transfers, so like MSE suggests, I'd like to transfer the £2,150 from Barclaycard to Virgin, and then the whole £6,350 back to Barclaycard so the entire balance is at 0%. I will then pay the required monthly amount to clear the balance by the end of the 0% period.

Additionally, my Barclaycard statement is due on the 8th of the month, so should I do the Virgin transfer on the 7th, wait for the statement and then transfer back when I have received the statement?

And finally(!) - how does the credit card charge the 2.5% fee for the deal? Is it averaged per month?

Many thanks!!!