BTing between two 0% offers.

jock1967

I have a £12.5K debt (£15k limit) on MBNA and £2.4k debt (£4k limit) on Barclaycard. The £12.5k on MBNA is on 0% which runs out in a couple of weeks and they will not offer a cheap rate once this happens. Both cards are offering 0% BT deals, MBNA up to April 2013 for 3.5% and Barclaycard up to September 2012 for 2.9%.

Would there be anything to stop me conducting multiple BTs between these cards to eventually have all my debt on the MBNA card at 0%? A rough calculation suggests I would have to do 11 BTs before all the debt would be at 0% and that this would cost £1k in fees. This, compared to £250 interest payments a month when the current 0% deal expires, doesn't sound too bad.

I realise each card has a limit to the proportion of the credit limit that you can BT and that is included in my calculations.

I would have preferred to move all the debt to a new card at 0% but Halifax have only given me a £500 limit.

Any comments on this strategy?

Tixy

A few cards won't allow you to do 2 transfer to the same card in a set period (60days I think), not sure about your particular cards but I would check that out in the terms and conditions.

How long a period do the new 0% deals stay open for - they may decide to remove them at some point.

thenudeone

I've never had a problem doing multiple transfers to the same card with mbna at least.

Even if you only get part way through your plan, at least it will still be better than paying standard rates on everything. Give it a go.