Balance Transfer Query

oij753

I am a new user and was hoping to get some advice on a balance transfer situation.

I have a Mint card which I have been using over Christmas and now has £2000 on it. Today through the post I received a letter from Mint offering 0% on balance transfers for 12 months. My query is would I be able to transfer the balance off my Mint card onto an empty Capital One card I have, to then transfer the balance back across to the Mint card to take advantage of the 0% offer? Or would Mint be able to refuse the transfer for any reason leaving me with the balance on a full rate Capital One card? I have asked Capital One if they are going to be offering a 0% period any time in the near future on my card but they said no.

Any advice would be greatly appreciated.

[Deleted User]

You could. But you'll pay two fees. Depending on the rate at which you're paying off the debt, it might not be worth it. But then again, it might.

chattychappy

Yes agree with zx81.

What is the rate you are paying on Mint? If, say, it's 2% a month (APR26.8%) and the BT fees on both cards are, say, 3% then your total fees for the transfer would be 6%. Since 6%/2% is 3, it means it is only worth transferring what you don't anticipate paying off in the next 3 months.

You'd end up with a mixed balance on Mint, with payments being applied to the interest bearing balance first.

You are correct - Mint could always refuse the transfer, reduce your limit or whatever. That seems unlikely. In this case you'd be down 3% +/- the difference in APRs of the two cards.