0% money transfer as a balance transfer loophole?

Mizog

My Barclaycard is offering 6.9% lifetime balance transfer and 0% money transfer till Jan '18. Both have same transfer fees
Is there anything to stop me transferring money to my bank account and then paying off my other credit card to in fact get a 0% deal?

Marchitiello

Mizog wrote: »

My Barclaycard is offering 6.9% lifetime balance transfer and 0% money transfer till Jan '18. Both have same transfer fees
Is there anything to stop me transferring money to my bank account and then paying off my other credit card to in fact get a 0% deal?

No, but often the amount available on Money Transfers is lower the one available for balance transfers

msallen

No, but if you take the 0% deal it will obviously only last just over a year as opposed to the lifetime of the debt. If you can't pay it off by then you will either be faced with another balance transfer fee if you can get one, or higher interest.

If you are confident of paying it off in the next 14 months, or of getting more BT offers until it is finally paid off, then then the 0% deal is obvioulsy the best option, if not then you have to consider how quickly can you pay it off.