Can Balance Transfer Cards Be Used For Multiple Transfers?

LDB90

Hi,

I am looking at consolidating my debts (overdraft, credit cards) on to one single Balance Transfer card; providing I can get one of the cards with around 2+ years interest free.

What I want to double check before I go ahead is that I can make maybe 4 transfers during the introductory rate and then have all that debt on the one card? Does anyone have similar experience of using cards in this way?

The reason for getting 'debt free' is that I want to open a new current account to make the most of some of the intro offers out there; so, again, anyone who has done similar it would be great to hear from you!

TY

[Deleted User]

Yes - the offer will tell you how long you have in which to make the transfers and what % of your limit you can use.

sharpy2010

As an example, I've just got a Barclaycard 0% for 12 months transfer card, and I plan to transfer balances from 3 different cards on to it. There are a few limitations. You can transfer up to 90% of the credit limit. You have 60 days from account opening in which to perform the transfers.

All this kind of stuff can be found on the relevant card provider website.

iAMaLONDONER

LDB90 wrote: »

Hi,

I am looking at consolidating my debts (overdraft, credit cards) on to one single Balance Transfer card; providing I can get one of the cards with around 2+ years interest free.

What I want to double check before I go ahead is that I can make maybe 4 transfers during the introductory rate and then have all that debt on the one card? Does anyone have similar experience of using cards in this way?

The reason for getting 'debt free' is that I want to open a new current account to make the most of some of the intro offers out there; so, again, anyone who has done similar it would be great to hear from you!

TY

What do you mean by opening a new current account to get introductory offers?

thenudeone

Usually - yes, within the period stated;

BUT Natwest doesn't seem to allow more than one transfer from any one card.

It's difficult to see a logic to this. It stops people from spending on a card, transferring the balance. then spending again and transferring that balance too; so it tries to stops people transferring more than they genuinely have outstanding already, but that doesn't reduce the risk to Natwest. If someone's in financial trouble they would simply spend on the new Natwest card up to the credit limit anyway, regardless of it not being at 0%.

But its certainly one to be aware of if you were planning to spend on a cashback card (for example) then transfer to Natwest, more than once. It won't work.