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Juggling Balances Between 0% Cards
SteveP29
Posts: 34 Forumite
in Credit cards
I have 2 credit cards, one with my bank account and another with another issuer.
I budget on the bank account card of no more than £100 a month and always pay off the full balance each month.
The other currently has around £900 balance.
I have available to me, 0% interest on balance transfers.
Is there anything to stop me from transferring the £900 to the other card, holding it there for a few days and then transferring it back?
I understand that transferring incurs a fee, and am happy to pay this as it would save me around £100 (by my dodgy maths!) in interest over the course of time it will take me to pay off the £900 balance.
Any advice is gratefully received.
I budget on the bank account card of no more than £100 a month and always pay off the full balance each month.
The other currently has around £900 balance.
I have available to me, 0% interest on balance transfers.
Is there anything to stop me from transferring the £900 to the other card, holding it there for a few days and then transferring it back?
I understand that transferring incurs a fee, and am happy to pay this as it would save me around £100 (by my dodgy maths!) in interest over the course of time it will take me to pay off the £900 balance.
Any advice is gratefully received.
0
Comments
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I don't see why that wouldn't work. Don't know the exact rates, but if it will really take you a year to pay £900, then go for it.0
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