Balance swapping

sjoh0961

Hi All.

Just wanted to check thoughts on this, please.

I have two credit cards.

Card 1 has £3000 on it already, and is offering a 0% balance transfer for 12 months deal (3% fee).

Card 2 is empty, but has no special offer.

Would I be able to get away with transferring the money from card 1 to card 2, and then back again, thus benefiting from the balance transfer offer?

I can't see any specific prohibition of this in the letter they sent me.

Any help much appreciated.

Tim

[Deleted User]

Yes, you can. But you'll obviously pay two fees, reducing how much you'll save. And there is a very small chance that your limit on card 1 could be cut in the interim, but I think it is unlikely.

What rate are you currently paying on card 1 and how long do you think it will take you to clear the debt at present?