2 Way Balance Transfer

cdelphi89

Hi guys,

I'm going to try and explain this.........

I have never had a credit card before. I was reading up one credit card for a while before I finally got one and thought I'll be able to manage it well and pay up before 0% deals were over. The reason being that I have a 0% overdraft on graduate account which is coming to an end. The way I had figured it out was I would balance transfer from current account to the barclaycard that I got accepted on then pay off the balance transfer before the end of the 0%. Only to find out you can't balance transfer to your current account. Even with all the reading up I did, I failed to spot this flaw in my plan.

To cut a long story short, I have got my current account positive by spending on the credit card. That's fine, exactly what I wanted. However, now I have to clear the credit card - I was offered 3 months 0% on purchases which will be coming to an end. In order to avert paying interest on this I go another credit card. Terrible I know but I wasn't really sure how to go about this. I have transferred 75% of the barclaycard balance to the new Tesco card. This has a limit of £1000.

What I wanted to ask is can I now use the balance transfer facility on my barclaycard to take up the balance from the new Tesco card. Then transfer the remaining balance on the barclaycard to Tesco again, only to use the balance transfer facility on the barclaycard again which will leave the Tesco card with nothing left so I will put that away. Then only have the two balance transfer amounts on the barclaycard to pay off at 0%. Is this possible or am I getting it wrong again?

Any advice?

StuC75

How much remaining balance do you have left to rinse?

How much a month are your looking to pay - if you would be naturally clearing what you are looking to pay in the next month or two - then its maybe more costly to do the transfer as you would still have the balance transfer fee to pay.. some of which would be getting paid anyway?

YorkshireBoy

There's usually a 60 or 90 day window for BTs.

Also, some companies may not allow more than one BT from the same card.

cdelphi89

Thanks for your replies, really helpful. I have about 1200 on credit card 1 and 1000 on credit card 2 now. I don't think I will be able to get away with it.