Balance transfer offers from 2 existing cards

sween

Hello

I have a Bank of America and Nat West card both of which have around £2/3k on them. Part of each is at 0% and part at standard rate. Both have offered 0% (3% fee) for 12 months. Is it worth transferring the part of each card which isn't 0% to the other and vice versa. It would seem to be worth while...............or have I missed an obvious disadvantage?

Thanks very much.

[Deleted User]

No - makes sense and would be a good idea.

udydudy

Due to the positive paymennt heirarchy now being adhered to by all card companies, it makes very good sense to transfer balances to/from each other as long as you have enough available limit on them. The BTs will pay off teh costliest debt first so it will be the standard rate debt that gets repaid. Make sure you only transfer the amounts that you are paying interest on and not more than that as then you would unecessarily pay the BT fee on the excess.

sween

Sorry I've just had another thought. I have gone ahead and swapped the balances it seems a good idea. Do I need to make a payment as well this month or does the balance transfer credit count as a payment.

I though I read somewhere that you have to make at least the minimum payment even if there is a balance transfer credit...........of course I may have got the wrong end of the stick!

Thanks

chattychappy

A BT arrives as a payment so counts against the minimum. But bear in mind it can take a while to arrive. A week to 10 days has been my experience.

jonesMUFCforever

I would pay the minimum on both until things settle down next month.

sween

Couple of big bills this month on the car so was looking to use the opportunity for a month off but don't want to miss any payments but it looks like that as long as they arrive in time the BTs count as payments?

Thanks

thenudeone

A balance transfer that arrives it time will count as a payment.