Balance Transfers between 3 existing accounts

dinkydouglas

Hi there

I currently have three credit cards which I have just started paying interest on. I want to transfer all three balances between the three cards. How can I ensure that each balance that is transferred will be the whole interest paying amount transferred to the other, leaving me with three 0% interest on each?

Is it all about timing or will the credit card companies be kind enough to see what I want to achieve? Or once an amount is transferred does it all just get lumped together meaning I could end up transferring just part of an interest paying amount and part of a 0% that I'd just transferred from elsewhere?

I hope this makes sense? I am just thinking about it too much and should just crack on and see what happens?

Any advice would be much appreciated

Paully232000

I think I know what you mean but before I answer do you mean this.

3 CCs all are out of their 0% period and now you have to pay interest. However, all 3 cards are giving you a new deal of 0% for so long on balance transfers. You want to transfer funds to take advantage of the 0% BT on all three cards. Is that right.

[Deleted User]

A BT will transfer the highest rate part of your balance. So you need to understand what balances at what rates you have on each card.

dinkydouglas

That's great, think you've my answered question. If I transfer a balance at new rate of 0% to lets say Tesco, the existing balance on which I am paying the higher rate will be transferred (from Tesco to virgin) and the 0% balance will stay put.

Clear as mud. Does that sound about right?

grumbler

dinkydouglas wrote: »

Clear as mud.

Yes - your posts.
Do all three cards have new 0% offers on BTs?
If so,
-for how long and at what cost?
-what are the balances and the limits?

E.g. if all balances are close to the limits, it will be next to impossible to do what you want.

thenudeone

A balance transfer is treated just like a receipt of funds. So balances which are being charged interest will be paid off before any which are at 0%. The only exception (which doesn't apply in your case) is that some CCs apply payments to statemented transactions (even if at 0%) before newer transactions (even if not at 0%).

So as long as you have sufficient available credit and assuming teh balances are roughly the same, you can circulate a balance between the three cards to switch everything to 0%.

But you should use the extra time to pay off as much as you can before the new 0% offers run out, rather than taking it as an opportunity to spend more!

StuC75

Assuming credit cards are not within the same group of companies (i.e. MBNA do not allow moves between different labels). And assuming that each card sufficient Available credit of Current Balance plus amount that will get transfered into it first.. (most will let Bal Transfer go within a certain % of the available credit to allow for interest \ fees etc..).

StuC75

also check what the balance transfer %'s are and if different see if can get lowest balance to the higher charge one and so, meaning the highest balance gets the lowest rate (unless thats the account it is already on!)...