Using 0% money transfer to pay same card

amaquima

So, I have a bit of a complicated plan. My husband has been offered a money/balance transfer from Barclay where he owns about 40% of his credit limit. So I was thinking we could take a money transfer for the same amount and use it to pay up the same card and get the 0% balance transfer. I'm not sure if it makes sense, or if it's even possible.
Also, we just cleared his other card and they are also offering a balance transfer, so I thought we could use that instead, but it would use up all of his balance which according to my understanding might not be a good idea.
We are looking into purchasing our first home soonish and I really want to do anything I can to help our situation.
I would appreciate any guidance.

grumbler

amaquima wrote: »

So, I have a bit of a complicated plan. My husband has been offered a money/balance transfer from Barclay where he owns about 40% of his credit limit. So I was thinking we could take a money transfer for the same amount and use it to pay up the same card and get the 0% balance transfer. I'm not sure if it makes sense, or if it's even possible.

It does make sense and is possible.

Also, we just cleared his other card and they are also offering a balance transfer, so I thought we could use that instead, but it would use up all of his balance which according to my understanding might not be a good idea.

Why? Also, typically you can transfer up to 90% of the limit.

We are looking into purchasing our first home soonish and I really want to do anything I can to help our situation.

I think the second option is not worse, yet is cheaper.

amaquima

grumbler wrote: »

Why? Also, typically you can transfer up to 90% of the limit.

I've been reading about debt to balance ratio and how you should not use more than a certain percentage so you don't affect your credit rating... So I was thinking it would make sense to just take the money transfer and pay it into the credit card as soon as we got it. The debt would be the same, but we wouldn't be paying interest anymore.

grumbler

This ratio is normally calculated for total debt and limits, not for individual cards.