Second Balance Transfer/shuffle/allocation

sckj

New to this, so bear with me.

I have an Asda credit card with £1500 on it at 27% APR, a HSBC card with £6200 on it at 29.9% APR and have just been accepted for an RBS card with a credit limit of £3500 at 0%.

I have transferred £3500 from HSBC to RBS. Then I was offered 0% on new transfers to my HSBC card, so I transferred £1500 from the ASDA card to the HSBC card.

So in summary, I now have nothing on the ASDA card, £3500 at 0% on the RBS card and £1500 at 0% plus £2700 at 29.9% APR on the HSBC card.

So; is there anything stopping me transferring £2700 back to the HSBC card from the RBS card at 0%, freeing up credit to transfer the remaining £2700 at 29.9% APR off the HSBC card back to RBS? (I am aware that I will have numerous fees to pay, but the amount I would save in interest is much more.)

I have looked in the terms and conditions, but cannot see if this is likely to be allowed or not, as effectively I am just moving the same debt backwards and forwards to get a better rate.

Also, if I ask to do a second balance transfer from HSBC, which debt would be shifted first? The one at 0% or 29.9%? (If its the 0% one I would be worse off, as I have to pay fees every time I transfer.)

I would be very grateful of any advice.

[Deleted User]

You can do that. Highest rate debt will be shifted first.

spike2012

I have a similar situation but 4 different cards and slightly differrnt sums.

Basically, because I keep "rotating" the debt, the fees for 18 months of 0% outweigh say one or two months of interest.

This is not a solution to debt, debt needs paying, but I am proof that this is a darn good thing to do, with near immediate benefit.

Look at small changes in lifestyle to get the amount repaid.

It looks like you're paying big chunks of money off when doing this, so your 0% offers will increase im frequency.

Halifax have sent me one every other month for about a year. The best was in JAN with 18 mo. 0% with 3% fee, but get half the fee paid back.

Because I have a direct debit of 1% of the balance each month, I'm trying to focus the debts here at 0% which I know I wont miss any payments cos of the direct debit.

Good luck.

sckj

That's great news, thank you. :j

Dobbibill

sckj wrote: »

I have transferred £3500 from HSBC to RBS. Then I was offered 0% on new transfers to my HSBC card, so I transferred £1500 from the ASDA card to the HSBC card.

The only thing I would look out for here is that the transfer to RBS card plus balance transfer fee does not put you over your credit limit, therefore breaching the T&C's and causing them to withdraw the offer. Just log in and check on it to be sure

Hope it works out for you.

DB

motherbored21

Dobbibill wrote: »

The only thing I would look out for here is that the transfer to RBS card plus balance transfer fee does not put you over your credit limit, therefore breaching the T&C's and causing them to withdraw the offer. Just log in and check on it to be sure

Hope it works out for you.

DB

If transfer request is for more than is allowable, I.e. Amount plus fee - 20% (approx), then it may be declined. AFAIK, and please correct me if I am wrong here, you can only transfer up to 80% of your limit.

Can't see how you managed to transfer £3.5k from HSBC to RBS with a limit of £3.5k?

Nuttydj

motherbored21 wrote: »

Can't see how you managed to transfer £3.5k from HSBC to RBS with a limit of £3.5k?

my understanding too and I'd be concerned about the overlimit problem that Dobbibill mentioned

on the other hand with your idea yes should work fine