Balance Transfer question

JimmyTheWig

adindas wrote: »

What have I missed here ? How come the OP will be able to transfer £4000 from C1 to Barclay if his limit is £1000 ? Also there is no balance to be transferred from C1 to Barclay.

He's only got a limit of £1000 on Capital One, but a higher limit on Barclaycard.
So (unless the Capital One limit is increased) the OP can't get the whole debt with Capital One.
But if the OP can transfer the debt to Barclaycard (via Capital One) then they will be paying a greatly reduced rate that they currently pay.

JimmyTheWig

adindas wrote: »

I think your true cost here is
4% (say) BT fee to capital one
4% (say) BT fee back to Barclays
6% interest for the whole duration of your balance.
Total around 14%

It will depend on BT fee that you will need to pay on both sides,
it might work out cheaper e.g. 14% vs 22% .

This logic (adding the fee percentages to the interest rate) only follows if the OP takes around 2 years to repay the debt.
Quicker than this and the fees become more important. Longer than this and the fees become less important.

adindas

JimmyTheWig wrote: »

He's only got a limit of £1000 on Capital One, but a higher limit on Barclaycard.
So (unless the Capital One limit is increased) the OP can't get the whole debt with Capital One.
pay.

Sorry still do not understand this bit. how ....

JimmyTheWig wrote: »

But if the OP can transfer the debt to Barclaycard (via Capital One) then they will be paying a greatly reduced rate that they currently pay.

This one I understand perfectly this is also what the OP is considering to do by doing 4-5 rounds of transferring £1000 forward and backward.