Balance transfer - off and back on

Avondale23

Hi all,

This is my first post so please excuse any terminology ignorance

I have 2 credit cards, one with balance transfer offers and one that has just a fixed low rate of interest.

My question is, hopefully, simple:

Is there anything (except credit limits) stopping me transferring an amount from one card to another and (once gone through) transferring it straight back again but on a 0% balance transfer offer?

Only thing I could think of is potentially T's & C's of the credit cards, having to have the balance with them for a certain period of time? (not knowing what they are off by heart!)

Thanks in advance for the advice.

Avondale23

planteria

it can certainly be done...but you don't want to pay two sets of fees.

i have, generally, see-sawed between Barclays and MBNA.

saver861

Not sure I entirely understand your reasoning. However, if there is a BT fee on both cards then you will pay that twice thus probably wiping out any benefit.

If I'm reading it right, it seems you already have a balance which is not at 0% rate? You want to transfer this to the low interest card and then back to the 0% as a new BT to get the 0%?

I'd be inclined to get a new card at 0% and low or no BT fee - then pop it onto that so at least you are only paying on BT fee - that is if I understand you correctly.

Avondale23

Thank you both for your replies.

I have a balance on my Barclaycard which is coming to the end of its 0% rate. I also have a Natwest card which has a fixed rate of 6.9% with no transfer fee (a one off £24 annual fee for BT).

The Natwest card is at £0 at the moment so was looking to transfer to this (and perhaps pay £24?) then transfer it all back to the Barclaycard with a 14 month 0% offer but with a 2.9% fee.

Having done a spreadsheet, over the next 14 months it would be over £300 better to do this than just transfer to Natwest only.(assuming 0 spend on it). I just didn't know if there was any restriction in how long the balance had to be with a card for

Sounds like it might be a plan then!

saver861

Avondale23 wrote: »

Thank you both for your replies.

I have a balance on my Barclaycard which is coming to the end of its 0% rate. I also have a Natwest card which has a fixed rate of 6.9% with no transfer fee (a one off £24 annual fee for BT).

The Natwest card is at £0 at the moment so was looking to transfer to this (and perhaps pay £24?) then transfer it all back to the Barclaycard with a 14 month 0% offer but with a 2.9% fee.

I'm still not sure I understand you correctly. Lets see - your Barclay card with the current balance is coming to the end of its 0%. Ok, you then want to transfer the balance to the NatWest and then immediately back to the Barclay card for another 14 months at 0%?

If the Barclay card is coming to the end of its 0% then it is gone! Transferring a new balance to it wont start up a new 14 month 0%.

Apologies, but I'm definitely missing something here on this or you are making a costly incorrect assumption. Can you clarify the situation or at least get clarification before you do the transfers otherwise you are going to be out of pocket for sure.

If you are saying that Barclay's are offering a new 14 month 0% on new balance transfers while the existing balance will go onto the 18.5% rate or whatever it is, then I get your drift. However, even then you probably can get a much longer 0% period for a cheaper BT fee with a new card. So I would be looking elsewhere.

Avondale23

saver861 wrote: »

I'm still not sure I understand you correctly. Lets see - your Barclay card with the current balance is coming to the end of its 0%. Ok, you then want to transfer the balance to the NatWest and then immediately back to the Barclay card for another 14 months at 0%?

If the Barclay card is coming to the end of its 0% then it is gone! Transferring a new balance to it wont start up a new 14 month 0%.

Apologies, but I'm definitely missing something here on this or you are making a costly incorrect assumption. Can you clarify the situation or at least get clarification before you do the transfers otherwise you are going to be out of pocket for sure.

If you are saying that Barclay's are offering a new 14 month 0% on new balance transfers while the existing balance will go onto the 18.5% rate or whatever it is, then I get your drift. However, even then you probably can get a much longer 0% period for a cheaper BT fee with a new card. So I would be looking elsewhere.

Hi,

Yes, I regularly (if not monthly) get letters from Barclaycard telling me about a fantastic offer on balance transfers available to me (which most of the time are pants!). But yesterday I had one for 14 months interest free with 2.9% fee.

I wouldn't really want to take a 3rd card out, as I would need it to have a limit of around £7k from the off to make it worth my while. I know I could get a further 8 months or so on top of the Barclays offer but is it worth the risk and not getting the credit needed?

Avondale23.

saver861

Avondale23 wrote: »

Hi,

But yesterday I had one for 14 months interest free with 2.9% fee.

I wouldn't really want to take a 3rd card out, as I would need it to have a limit of around £7k from the off to make it worth my while. I know I could get a further 8 months or so on top of the Barclays offer but is it worth the risk and not getting the credit needed?

Avondale23.

There is no risk - or should be no risk. I have held several cards at a time and, with my other half, the number doubled.

For instance, Santander have a 15 month at 0% with no fee. Even the ones with fees are pretty much all lower than your 2.9%.

If you got the Santander card with a limit of say £4k that is halving your costs. Fill it up to and you have only £3k to transfer back to your barclays, if you wanted to keep on that route. Personally I would get one or two new cards at the best and longest rates, thus giving me more time to pay it off while costing me less.

Avondale23

Thanks for the replies again.

I've managed to sort myself out and get a MBNA card with 32 months at 0% balance transfer to cover all my current CC balance. Did the MSE eligibility check first then MBNA had their own anyway, and was approved

Cheers.

Avon.