0% Balance transfer?

FyldenewSaver

Hi I have received a letter from Lloyds Credit cards offering a 0% balance transfer offer for cards from other providers transferred in, however this is the only credit card I have an outstanding balance on. Does anyone know am I allowed to use my RBS card to pay this balance off and then transfer my RBS balance back onto the LLoyds enabling me to then get the 0% or are there expected loopholes designed to mean it isn't quite so simple?
Any advice extremely welcome as we need to really tighten our belts at the moment :eek:

eskbanker

If your RBS card allows balance transfers (you can't just use it to pay off another card as such) then yes, you can transfer the balance from Lloyds to RBS and back again, subject to sufficient credit limits, etc. The loophole that you'll experience is the balance transfer fee in each direction, a few percent can make quite a difference to the economics of doing this, depending on what your current APR is of course....