Balance transfer question

rubble2

Sorry if this is stupidly obvious but can anyone help me with this question please?

I have a o% deal on a credit card that is due to end in a couple of months.

I have spoken to the supplier and they have told me that there is another 0% offer on the card for a further 14 months.

Can I therfore balance transfer the outstanding amount onto my other card account (this has no 0% offer) and then transfer it back again onto the original card to take advantage of the extended offer?

I realise of course that there will be two transfer fees to pay but if it works out cheaper is it possible to do or will the original lender see through it and block the transfer?

Thanks

InsideInsurance

If your card issuer is willing to give you another offer then yes you could do this, alternatively ask them if they are willing to simply extend the existing one, even if they want to apply the transfer fee anyway. Doesnt really seem to be in their interests to make you give one of their competitors a transfer fee to then immediately transfer it back to them.

JimmyTheWig

I agree with InsideInsurance. Seems a shame to have to pay the fee twice.
You could always speak to your other card company and see if they'll do you a deal. They might give you a 0% deal, or they might give you a "no transfer fee" deal at their standard interest rate. Given that the debt's not going to be on that card for long then the interest rate isn't too important but a reduction in the fee would be great.

If it were me I'd want the new 14 month 0% deal in writing before I moved the money. What are the conditions? When does the transfer have to be done by, etc. You don't want to pay a fee to the other card company only to find yuo've missed the boat on the 0% deal.

rubble2

Ok, just to update - Card supplier wouldn't extend existing balance onto the new 0% deal so I had to do as I originally proposed and transferred it off the card and back on again.

Not a massive problem but it did off course incur two transfer fees