Credit card shuffle

Cgeddes

Just got a 10 month 0% balance transfer from existing card company and increased balance. I want to transfer money out of this card onto another and then back in along with another balance from another card when limit is increased. Has anyone done this and had the card company cancel the increased limit or deal when trying to transfer back in.

Thanks

[Deleted User]

Only real problem will be the charge of 3% (?)ish for each move

grumbler

Cgeddes wrote: »

I want to transfer money out of this card onto another and then back...

Balance, not money?

Ben8282

On what basis are you assuming that your credit limit will be increased?

Superscrooge

Are these balance transfers 'fee free'? It would be foolish to incur a 3% BT fee and then transfer it back incurring another fee.

grumbler

Superscrooge wrote: »

Are these balance transfers 'fee free'? It would be foolish to incur a 3% BT fee and then transfer it back incurring another fee.

Why foolish? This depends on the CC's APR.
2x3% for 10 months is ~7.5% APR.

Superscrooge

grumbler wrote: »

Why foolish? This depends on the CC's APR.
2x3% for 10 months is ~7.5% APR.

You are right. I hadn't thought it through properly.

I was thinking 7.5% was an unnecessary extra expense, But if the only 0% BT card they can obtain is from the same bank they have the debt with, then two BT's is probably the best option.