Money transfer then balance transfer

RDG

Inspired by a post that YorkshireBoy posted in the super balance transfer thread I am wondering if the following is an option that would work.

I have credit card currently at 0% for a couple of months with a balance of about £1300. I won't pay this off so will need to transfer it to another card.

I also have a loan with first direct at 5.1% with 32 months left and a settlement figure of around £5700.

As I will need a new balance transfer card I wondered if I could try and get the no fee mbna card which allows money transfers to pay off the loan and then bt both the current fd card and the mbna card onto a 0% bt card.

I think this even with a fee would save me a couple of hundred pounds but would I be able to get both cards in quick succession? I would assume id get the bt card first so I'm not stuck with the mt card rate which is higher than the loan.

Any thoughts or advice welcome.

maas

So you want a £5700 mbna card with 6.9% APR on money transfers, no fee with the view of paying this off within the free month?
And then another BT card with a £7000 limit.

Its just whether the lenders will give you another 13k in credit

EDIT: i've just recently got the other MBNA card, with 2.69% fee on MT (0% for 2 years). They've just reduced this fee once again to 2.2% for new customers so that might be an option

RDG

Exactly use the mt from the mbna and then bt it before there's any interest accrued.

As I'd need to apply for the cards before I close the loan and other card I'd need the 14k on top of those so 21k. That's about 58% of my income so I guess that's a push? Once it's all sorted I would be down to 1 card with 7k on it.

maas

I think at 50% you'll be OK. I think its when it gets towards 100% of salary the risk kicks in, but it depends on your file as well and length of employment.

I had the same sort of dilemma and I didnt want my "great plans" scuppered by finding out I didnt get the limits I needed and then I had too many searches on my credit file . In the end I got the 1 MBNA MT/BT card and just paid the 2.69% for the money.

RDG

Good point I could just go with the other mbna card as it's got 0% bt and mt with a 2.2% fee just gotta take the fee hit but that will still save me on the interest on the loan at the moment.

I was looking at a complicated plan when an easier one was an option with less risk.

thebritishbloke

If you applied for both cards on the same day, the second lender wouldn't see if you've been accepted for the first card and with what limit, so the only thing deterring that application is the search on your record.

It's completely possible, the question is just whether they'll accept you with that big a limit. For a 0% BT card, I'm presuming they don't give out massive limits as it'll be a loss-leader for them.

MissusW

Hi, I'm paying off the last bit of my balance on my credit card as the 0% runs out shortly. To enable me to get my bank balance back into the black I've been looking at the money transfer cards (I presently pay approx £25 - £30 a month in bank fees for the overdraft of £2700 I have
I know that I will need to pay a fee for the money transfer but I want to know that if I do not pay off the balance before the 0% time runs out can I get another 0% card to pay off that balance? or do I have to keep the card until the balance is paid off? I'm hoping to be able to pay it off within the time limit but would like a buffer in case something does crop up and I'm not able to the extra each month to clear it as I have been doing with my present card.
Thanks in advance for any advice

EGPippy

Ive applied for a 123 Santander credit card to transfer over my tesco credit card debt, I also have an overdraft I'd like to clear. Can I make a money transfer from the tesco card to pay off overdraft and then transfer all the balance into new Santander card? I was told transfer of funds would be 16.9% any suggestions?