BT from Barclaycard > Halifax Card > Barclaycard?

MrJester

Hi all. Just checked today, and I'm getting 90% approval rating for three of the Barclaycards, like the longest 34 month deal.

I have a Barclaycard with near 2400 maxed (HIGH interest), and a Halifax BT card with 1000 maxed (still no interest for at least a year). Is the following possible, could I apply for the second Barlaycard (will I actually be able to get two from the same card issuer?), then move the 1000 from the halifax BT card onto it, then move another 1000 from the original Bcard onto the Halifax BT card, and then when able to again onto the new Bcard, and keep doing it (depends on limit) so I can get rid of my high interest Bcard?

Will this work? :S

MrJester

P.S. Im aware I might not get that full 34 months could well be as low as 12-16 but that makes a huge difference with high interest ive been paying

eskbanker

Most BT cards only permit transfers within a defined period of a couple of months at the start, what's the last date you can transfer to your Halifax one? Don't forget the fees you'd pay in each direction too when evauating whether this makes financial sense....

MrJester

eskbanker wrote: »

Most BT cards only permit transfers within a defined period of a couple of months at the start, what's the last date you can transfer to your Halifax one? Don't forget the fees you'd pay in each direction too when evauating whether this makes financial sense....

Yeah thought about that not sure will have to check, but I did do a BT of £100 a few months ago and I found out it only gave me till early next year, (e.g 900 left from first transfer then did a 100 few months later) not sure how it would work out now, will probably ring up and enquire!

and yeah true but on 1k its like 30 quid (3% usual max fee) and the high interest Bcard is adding £50 a month in interest currently

thebritishbloke

Do you have any other credit cards that have a 0% BT fee? A lot of cards offer this (they charge no fee, but there's interest charged on the balance).

Archi_Bald

thebritishbloke wrote: »

Do you have any other credit cards that have a 0% BT fee? A lot of cards offer this (they charge no fee, but there's interest charged on the balance).

I am interested in all these 0% BT fee cards - do you have a list / links please?

MrJester

thebritishbloke wrote: »

Do you have any other credit cards that have a 0% BT fee? A lot of cards offer this (they charge no fee, but there's interest charged on the balance).

I don't, but for the amounts in question and I can only spare about 100-150 (max) for cards per month its hard to tell whether I'd be better off not paying a BT fee, but paying on interest again?
Or do they usually come with some sort of no fee period..?

There's a 1.5% Bcard fee that I have good approval for, which might be a good option, but is for a lesser period, anywhere between 12-25.

MrJester

Archi_Bald wrote: »

I am interested in all these 0% BT fee cards - do you have a list / links please?

Use the MSE eligibility checker here:
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards?_ga=1.852402.228600668.1409653161#eligibility

it'll show all the cards and your chances of getting each. :T

Miss_Pepperpot

hi,

I've had a few cc's in the past and I was always under the impression you can't open a second card from the same lender? Or maybe that's just for balance transfers? I think if you continuously switch to 0% or low interest cards some companies don't like it and may decline you a card however enough people do it and I myself switched a couple of payments. You might be better looking for one with a longer low interest period.

MrJester

Miss_Pepperpot wrote: »

hi,

I've had a few cc's in the past and I was always under the impression you can't open a second card from the same lender? Or maybe that's just for balance transfers? I think if you continuously switch to 0% or low interest cards some companies don't like it and may decline you a card however enough people do it and I myself switched a couple of payments. You might be better looking for one with a longer low interest period.

I read that there's no issue with having multiple cards from one lender. You just cant do a BT transfer from one Bcard to another Bcard. Thus my idea to BT from Bcard to Hcard to new Bcard.

I've applied for longest 0%, its just gone into processing, so most likely will get it. If I do, plan of action as to best way of transferring to new Bcard. I think its worth a pop, as for around two years I've been handing over money to the Bcard basically just paying the interest each month thats added on so a few doses of £20-30 to transfer will most likely work out much better in the long run. Will crunch the numbers tonight..

thebritishbloke

Archi_Bald wrote: »

I am interested in all these 0% BT fee cards - do you have a list / links please?

Can't remember them off the top of my head, but I can remember that Halifax Clarity doesn't have a BT fee. Obviously it's still interest charging though.

There's a list of low-fee balance transfer cards here.