Safe to Balance transfer today?

sammr85

I have a capital one CC with a balance of around £1000. I have been rounding down my bank account making small payments off daily over the past couple of days (including today) I also have a LTSB CC which I have had for about a month which has 0% on balance transfers. I was waiting to do this as we WERE planning on a massive savings splurge as we thought we needed to find money fast for my DH's car. Now we have been gifted FIL's van we no longer need to do this so I can focus on the debts.

So the point of this thread is;

Is it safe to balance transfer my c.1 balance to my LTSB card today even though I have made payments in the past couple of days that are not currently showing on my account or should I wait until they are showing? Or should I wait until my next statement?

This would be the first time I have transferred a balance so I have no idea!

TIA x

HappyMJ

You really need to clear the balance in full and wait until you get a statement showing a zero balance then you can safely do a balance transfer.

StuC75

Dont think HappyMJ has got the right end of the stick there...

Just to confirm - Your Capital One account has Over £1k> balance at the moment, with other payments on its way into that account to bring it to £1k. Your LTSB Card is where you want the balance to be (on 0% deal on BT's).....

If thats the case, then Yes make the transfer ASAP.. if the Capital one account has been incurring interest - then you will then need to check it on the next statement to see what trailing interest there has been..

If interest is being charged then the sooner you make the transfer the sooner you save...

sammr85

thank you HappyMJ and StuC75 for your replies.

I'm not too sure what you mean HappyMJ

Stu, the balance on my LTSB card is £0 as I only got it for the 0% balance transfer as I already bank with LTSB (for my sins!) I just wanted to make sure my pending transactions wouldn't be lost or leave me in credit on the C1 card. I don't want them having my money!! The balance on my C1 is currently £1027 despite what my sig states as I had to put a couple of purchases on last week but I have repaid those amounts in the past couple of days so the balance should be back to around £1000

StuC75

Then transfer asap... do remember though that the C1 may incur a bit of interest on the next statement date, so dont forget about that.. If your paying the LTSB Card by Direct Debit then do 'Double Check' if it is in place in time for the first payment (not always the case..)..

trixie888

If this means you will resolve one issue and will be left with just one card then go for it.