Is this do-able ?

Cazzy113

New member here, so..hi !


Transferred £1000 from my N/West c/card to my Barclaycard in May this year (0% interest until Jan 2016). Have now received another offer from Barclaycard, offering 16 months interest free.


I was thinking of transferring £1000 back from my Barclaycard onto my N/West c/card, then a couple of weeks later (before Barclaycard's offer expires) balance transferring the £1k from my Natwest c/card back onto my Barclaycard, thereby getting the 16 months interest free offer.


So, is this do-able, as I cant think of a reason why it wouldn't be ?


Apologies if this has been asked/answered previously. I did search, but had no joy.


Thanks


Rich

[Deleted User]

Yes, although you'll be paying two lots of fees (6% total?) for an extra 10 months of interest free.

Compare this to your go to rate and how long it will take you to pay it off (bearing in mind that the go to rate would be paid on a decreasing balance, rather than the 1k).

The saving may be quite small (though perhaps still worthwhile).

HHarry

Is there a balance transfer fee? It's usually 2 or 3%, so if you get caught on both transfers that could be £40 or £60 added.


As for whether it's possible technically, can't help I'm afraid.

grumbler

It is doable (and you don't have to wait for couple of weeks paying interest meanwhile), but is it really worth paying two BT fees for essentially 10-11 months of 0%?

engineer_amy

do-able but could cost more in balance transfer fees, as others have said.
Without knowing your situation - other debts, stoozing etc here is my take on the situation.


How about this for a suggestion - Keep the £1k on the Barclaycard until Jan 16. Pay as much as you can afford off in the coming 6-7 months to reduce the balance. Just before the 0% period ends, contact N/West CC to ask if they have any balance transfer offers available. If so, you will be paying the BT % fee on a lower amount, saving yourself money which is the aim in the first place.
If N/West have no deals, depending on your credit file, you should be able to apply for a new card form a different supplier.


Barclaycard write to me every month offering BT of different lengths and fees, so if you don't avail of this particular offer, there will still be options later on down the line.


You currently have 6-7 months of free credit without incurring any more fees or costs in the immediate term. By the time that runs out, your balance will be lower and incur lower transfer fees at that time. Why spend more money than you have to?