Can I do this and what are the risks?

Taadaa

I have got a Barclarycard with several balance transfers on it at various stages. They have offered me another balance transfer again this month.

I have got a second card with not much on it. Can I transfer the balance of the Barclaycard onto it then transfer it back to get the deal?

Will Barclaycard lock onto this and refuse it? Does it breach any t and c's? If I can't transfer back I am stuffed because the min repayment on the other card is much higher than on BC for some reason; I won't be able to meet it. Any thoughts?

Tixy

Yes you can do it.

You will of course pay 2 sets of transfer fees so make sure its still financially sensible given the rates and the relative 0% periods (is this for part of the bcard balance that isn't on 0% currently or are you planning to move the entire balance twice)?

There is always a small risk that barclaycard could reduce your limit or redact the the new balance transfer offer after you have done the first transfer. It is rare but possible.

Also you may need to check out the allocation of payments and statemented/unstatemented transactions. You need to ensure that your second transfer does pay off the part of the balance you intend.

Another option if you have sufficient limit on the credit card may be to see if BC will offer you a money transfer deal (whereby you transfer money in to your current account and use that to repay the older debt on the card, leaving you just with the new 0% money transfer). BC only offer these occasionally, but the fees would likely be less than 2 lots of transfer fees.

Another option might just to be to see if you can get another 0% bt card from elsewhere (MBNA has a low minimum payment).

Taadaa

Okay thank you, I will have to log on tonight and see what the current situation is. I don't think I can transfer the entire amount but a good chunk of it to the other card. I can't remember off the top of my head but I think there's quite a lot of credit on it. It's a massive pain, only going down around £30 a month for quite a while now. I have got some savings - £2k - (yes I know the rule!) BUT I am on a fixed term contract so we might need that money when it ends to cover the mortgage. I have got a good chance of getting another job, but I hate the thought of not having a safety net. DH works but it won't cover all the bills alone.

I have done a soft search and it says I have a 90% chance of getting a Barclaycard, and 40% on other cards for balance transfers. No missed payments but my income has decreased as I now work pt since having a baby.