Balance Transfer Q

Nuclear_Themes

Just a quick question about doing a balance transfer.

I have a CapOne with a £500 limit. It's been paid off every month in full and I want to continue this pattern and still have a chunk of cash left over christmas. It's currently at 75% of the limit and I won't be doing any more spending on it.

I have a BC initial at 0 and £800 limit. Can I do a balance transfer when I get the statement to cover the full amount and then pay off the BC the following month?

Will this look better on my file than paying off say 50% of the balance.

Or should I just pay it off in full anyway?

Fruit_and_Nut_Case

Nuclear_Themes wrote: »

Just a quick question about doing a balance transfer.

I have a CapOne with a £500 limit. It's been paid off every month in full and I want to continue this pattern and still have a chunk of cash left over christmas. It's currently at 75% of the limit and I won't be doing any more spending on it.

I have a BC initial at 0 and £800 limit. Can I do a balance transfer when I get the statement to cover the full amount and then pay off the BC the following month?

Will this look better on my file than paying off say 50% of the balance.

Or should I just pay it off in full anyway?

A couple of things to factor in to your calculation...

• If you only pay 50% of the balance you will still be charged interest on 100% of it.
• How much will you be charged by BC to make the transfer?

CLAPTON

why

what are the APRs and BT fees that make this a useful thing to do?

without fuly understanding what you are doing
if you can't pay in full for one month only then use the two cards; pay one in full and avoid all the interest on that and then use the other for any excess and pay in full asap thereafter.

Nuclear_Themes

I can afford to pay the balance in full but it's just at a time when I'd prefer to keep some extra cash in my pocket.

I want to do this while maintaining all the work I've done so far to build an attractive credit profile.