Multiple Balance Trasnfer between same cards

pmartin86

Ok, an odd one, im sure ive seen this before and it should work, but I wanted to double check.

A friend of mine has 2 Credit cards, both currently with interest paying balances that hes trying to clear, the first card is with HSBC , using 1600 of a 2200 limit, the second is a natwest using 1000 of a 2800 limit.

Both cards now have 0$ BT offers on them, if he was to BT from HSBC to NW for 1600, and at the same time, BT from NW to HSBC for 1000, this should theoreticaly pay off the highest interest first and thus leave the balances revered on the cards but on 0%, is this correct?

Tixy

He probably won't be able to do them at the same time.

He only has £600 unused limit on his HSBC card and you can usually only transfer up to 90% or 95% of the limit. So he will probablyfind the maximum amount he can balance transfer with HSBC is £380 or £490.

On the natwest card he may be able to transfer enough to pay off the £1600 to pay off hsbc - not sure if natwest allow a transfer up to 90% limit or 95% limit, if its 95% he could transfer the £1600.

Rachylou1981

Sounds a bit too complicated to be straight forward and simple but I know what you mean.

Currently been in similar situation and so what I have done is transferred all of one balance on to the other card with available balance to do so and then when possible I will transfer that whole balance on to the other card at 0%

(bear in mind your friend may need to increase credit limit or pay chunk off an old balance in order to stay within limit)

pmartin86

I know its messy, but hes determined to get sorted! What about making say, 4 BTs over a few days, of half each balance at a time? this would keep him under the 90/95% barrier then?

Edit: Wouldn't transferring the whole balance effectively mean your paying a 2-3% fee to transfer something that's already 0%?

Tixy

What about making say, 4 BTs over a few days, of half each balance at a time? this would keep him under the 90/95% barrier then?

That might be possible, though it would take more than a few days. Each transfer will likely take a few days. And there is always a risk one or other card will pull the 0% BT offer at some point.

Some card issuers won't allow you to do more than 1 transfer to each account within a certain timeframe (2months?) other issuers don't have this rule.

Has he considered/tried to apply for a new BT card? if he had a new card it would be far easier and then only involve 2 transfers.

pmartin86

Not tried as far as im aware, i wouldn't rate his chances though, i don't know his actual salary but he works part time in a pub so I wouldnt imagine its great.

Rachylou1981

pmartin86 wrote: »

Edit: Wouldn't transferring the whole balance effectively mean your paying a 2-3% fee to transfer something that's already 0%?

You would always pay a fee to transfer a balance but obviously that will be added to the balance and you start to pay off at 0% (better than current interest rate). I know you are trying to see a way of swapping the balances over so that both get 0% and no fee is made but I am not sure this is possible. I suspect you would risk paying a fee every time if you did it in stages too.

I was lucky I had 3 cards to swap round and only paid one fee due to the offers on the cards.