Balance transfer juggling?

lolbean

Hi,
I have three credit cards all on 0%. However, one of these is due to end but they are currently offering another 0% deal on balance transfers. I don't want to apply for another card so I am wondering...can I shift this debt to one of my other cards and then transfer it back in the same month to the original card benefiting form their 0%? Do they allow this? Will they even care?

Any advice is appreciated!

Candyapple

Do they allow this? Yes

Will they even care? No

JimmyTheWig

lolbean wrote: »

can I shift this debt to one of my other cards and then transfer it back

Yes you can. They won't care. They won't even really know.
You'll have to pay two lots of Balance Transfer fees (i.e. to transfer it to other card, then transfer it back again).
You'll need enough credit limit on the "other" card to be able to do this. [Or else you'd need to shift it in stages, which could be even more complicated!]
So you're looking for your "other" card to have enough available credit and a low (or, preferably, zero) Balance Transfer fee. Doesn't matter too much about the interest rate the other card will charge, as the debt won't be there for long.

in the same month

My only concern with this would be to ensure that the transfer back to the original card is paying off the new transfer not what was already on the "other" card at 0%. Ideally wait for a statement on the "other" card before doing the transfer back again. If you don't want to wait that long (and you'll be paying interest from the day the transfer happens, so you do want to minimise this period) then might be best to check with the "other" card as to what the rules are, but whatever happens you'd need to wait until the transaction shows up on your "other" card.


Hopefully I haven't made it sound too complicated, because it is probably a very good idea.

lolbean

So if I've got a 0% rate until Nov 16 on one card which will be paid off by the time this promo rate ends. But I transfer another balance to this card now which will give me 21 months at 0% ...which balance will be paid off first?

lolbean

this is my other option I've just worked out!

JimmyTheWig

lolbean wrote: »

So if I've got a 0% rate until Nov 16 on one card which will be paid off by the time this promo rate ends. But I transfer another balance to this card now which will give me 21 months at 0% ...which balance will be paid off first?

It nearly always works in your favour, these days. (In years gone by it nearly always worked against you.)
But best to contact the card provider to make sure.