Balance transfer question

amaquima

So, I finally got my husband to let me deal with his credit cards. His mom has lent us some money to clear one of his credit cards (interest free), but I am trying to tie any lose ends. This is very convoluted, but here we go.

Card 1 Over £2k
Card 2 Roughly £700

We are paying most of Card 1 with my MIL loan, but Card 1 is also offering us an interest free balance transfer so here's what I want to do.
Pay most of Card 1 with MIL loan, pay rest from my money (another little loan) and then take the Interest free balance transfer they are offering us (asking for enough to cover my loan and Card 2), and kill card 2. So that should leave him making only two payments every month and no interest to pay (since I have worked out how much he needs to pay in order to get both cleared long before the interest free period ends).

Does this make sense? I would happily just pay for the bit I'd be lending him and not get my money back, but I know he wouldn't let me (I have been trying to do it for 2 years!)

Any advice will be hugely appreciated!

[Deleted User]

What do you mean by BTing enough to cover your loan?

amaquima

I'll be lending him roughly $500, so we can clear Credit Card 1 and then my idea is to get the BT for about £1200.

[Deleted User]

So does that mean you are doing a BT for £700 and then also a money transfer into your bank account for £500?

As long as the card offers that facility, then it seems sensible.

PS just noticed your use of 'mom' and the dollar sign. Are you based in the states? This is a UK site so things may work a little differently, if so.

amaquima

I was thinking of just getting a money transfer for £1200 and then taking the money out and paying card 2 with cash.

[Deleted User]

That works too.

amaquima

The $ sign was an error :-p and the mom bit is because of my English (I'm originally from a Spanish speaking country, but my English is very Americanized, because of TV and all of that :-p) but we are in the UK.

Thanks for your comments! I just wanted to make sure I wasn't doing anything wrong.