Is this allowed / Will this work / silly question?

helivans

Looking for some advice from some savy 0% players out there...

I have 5k on an M&S card - at 0% (limit of 5K) - happy days...
I have 4K on virgin - 5 k limit - again 0%

Then, i have 6k on my barclaycard at 29.9% (limit of 12k) - makes me feel sick just thinking of the interest racking up every month...

barclaycard have offered 0% on transfers until Nov 2016.

Can i transfer balances back an forth from another card. Eg. Start by moving 5K from M&s to Barclaycard (as limit is 12)

Then... Can I move 5500 over from barclaycard to m&s?

What interest would be on that remainder Barclaycard? As its not the amount that's in the now but money teansferred at the 0%

Or, does the 0% just apply to any new transferred money over the original balance.

Does that make sense? I think I know the answer, but thought I'd check.

[Deleted User]

You can move balances, as long as you have the available limit and pay the fees.

Only new balances transferred to the Bcard will get the 0%, not existing balances on the card. But if you move it off and back again, it's a new balance.

helivans

But... If my balance of 5k has 29% now, i transfer another 5k over, making 10k bslance, the interest will be 5k with 29,9 and 5 on.0

What if I then move 5k out of there, what interest is on the remaining 5k?

[Deleted User]

0%, as the BT will pay the highest rate debt.

helivans

Thanks... But I still don't fully understand... ��

King_Of_Fools

Do you also have a money transfer offer on your Barclaycard? If so it would be easier to transfer money to your bank account at 0% and then use that to pay off the debt at 29.9%.

If you transferred from M&S to Barclaycard for the 0% do you still have an open offer with M&S to transfer back at 0% (often the 0% offers are only for 3 months).

redpete

helivans wrote: »

I have 5k on an M&S card - at 0% (limit of 5K) - happy days...

Only 'happy' if you have a plan to clear the balance.

I have 4K on virgin - 5 k limit - again 0%

Then, i have 6k on my barclaycard at 29.9% (limit of 12k) - makes me feel sick just thinking of the interest racking up every month..

I would avoid being complacent about having £15k of CC debt regardless of whether you have managed to get some/all of it on a 0% deal *at the moment*.

jamesd

One way to do some of what you want is to do a 1k money transfer on the Virgin card just before the statement date then then BT 1k to Barclaycard to clear the 1k that will be the highest rate money on the Virgin card. You can do this more than once. I'm assuming that you have a no fee high interest rate money transfer capability on the Virgin card.

Barclaycard and other providers track how much money you have at each deal. So for the current deal once you transfer say 5k on it, that 5k is a virtual pot inside your credit card balance that is tagged as being 0% until November. Payment rules have to pay higher interest money off first so any payments you make on the Barclaycard will reduce the 29.9% balance, not the 0% balance.

Once you get a statement that has more than one rate you'll see two or more rates broken out on your statement so you can see how much money is at each rate and when the deal(s) end.

Nebulous2

How long does the 0% last on M&S? And on Virgin? I'd be reluctant to move the balance from these to Barclaycard and pay a fee if you are shortening the time available on 0%.

If any of them are ending soon you could move the debt to Barclaycard.

Then moving the balance at 29.9% back the other way - are you sure you can do a 0% transfer to either of those? While cards are offering long periods at 0% that may only apply to balances transferred in the early days of the account. Possibly the first 30 or 90 days.

Whatever you decide, it sounds like your options are beginning to dry up and you need to get the debt down. That 29.9% on Barclaycard is quite a bit more than the interest rate on mine, and the 0% offer is shorter than the ones I and most others reporting on here get offered.