Both my cards offering balance transfer - can I transfer between them?

philipjohn21

Hi folks,

I have two credit cards, each offering 0% balance transfer deals.

I've worked out that if I can flip the balances between the two cards using these offers I'll save myself up to £860 (including fees)!

I.e.,
Card 1 balance will get transferred to card 2
Card 2 balance will get transferred to card 1

My payments (well above minimum) will not change, but with as much as 15 months interest free I'll clear those balances much sooner.

Are the card providers likely to frown on that kind of activity though? Effectively playing them off against each other?

Am I within my rights to do what I'm thinking of?

Thanks for any help!

(Long time read, first time poster)

Tixy

Are the cards from different card providers? If not then they won't allow the transfers.

Do you have sufficient unused limit on at least 1 card that you can make the first of the transfers?

There is always a chance that card you empty first decides to remove the balance transfer offer before you do the second transfer. In the unlikely event that happened you'd be stuck with the balance all on 1 card, that said it would still be preferable to have some at 0% rather than paying interest on the whole amount.

Other than those points you shouldn't have an issue doing it and its a good idea.

philipjohn21

Thanks for the reply @Tixy.

The cards are with different providers and there is a sufficient limit on both of them to allow for the first transfer to take place.

Both offers are available until the end of February so I have until then to take advantage.

jamesd

That's fine, though you should consider applying for a new card that will probably offer a longer term 0% deal than the existing customer offers.