Repeat balance transfer

debtfreehorizon

I have a Barclaycard which has 7k outstanding balance with some decent balance transfers available: 0% 18 months for 1.9% fee. The current 7k is at 0% until April when it will go to standard rate. I'm hoping to have the balance down to about 3k by then.

When the time comes, if i apply for another balance transfer and I am accepted for a card with 3k limit at 0%, then fair enough. But if i only get approved for say a 1k limit, can I transfer 1k to this card and then back to the barclaycard 3 times in a row?

ceredigion

Run that past me again

cooltt

Yes but work out if the transfer fees back and forth are worth it.

p. s. It's unlikely you'll get a card with just 1k. Choose a mainstream card.

Dobbibill

BC are known for existing customer offers.

A MT may be a better option from BC to your current account to then pay off the balance of £3k that's incurring interest and the MT will be on 0%.

You will still owe BC £3k but at least it will then all be at 0% again. No other application needed.

debtfreehorizon

thanks for the replies.

overall I have:

6,700 (16,100 limit) on barclaycard, currently at 0% until April 2017, then will go to standard rate of 18+%

7,500 (8,000) on virgin money at 0% until august 2018

3,600 (3,800) on tesco bank until december 2018

I'm mainly concerned about the 6,7k coming to 18% rate in April, hence why I've been transferring some of the balance to the other cards this year at 0%. I should have it down to 3k by March. I do have balance transfer offers on the BC (1.9% until April 2018).

The tesco card is new, does anyone know for how long I can transfer to it for 0% fee, 0% for 24 months? Have checked the T&Cs but it's not clear. If so, could i transfer the 3,600 from it to barclaycard at 1.9% and then balance transfer the same 3,600 back to tesco at 0%. I assume this would mean all balances would then be at 0% until April, August, December 2018?

debtfreehorizon

bump in case someone missed it that could possibly advise?

[Deleted User]

You need to transfer the balances within 90 days of account opening.

MallyGirl

Dobbibill wrote: »

BC are known for existing customer offers.

A MT may be a better option from BC to your current account to then pay off the balance of £3k that's incurring interest and the MT will be on 0%.

You will still owe BC £3k but at least it will then all be at 0% again. No other application needed.

This is your best option

redux

It's great to be churning these offers, but perhaps you also need to analyse and cut spending a bit, and gradually stash some money away in savings, which will help make the occasional balance clearances easier in future.

Candyapple

debtfreehorizon wrote: »

The tesco card is new, does anyone know for how long I can transfer to it for 0% fee, 0% for 24 months? Have checked the T&Cs but it's not clear. If so, could i transfer the 3,600 from it to barclaycard at 1.9% and then balance transfer the same 3,600 back to tesco at 0%. I assume this would mean all balances would then be at 0% until April, August, December 2018?

LOL, it's on the page when you apply:

0% balance transfer fee
No fee to transfer your balance and no interest to pay on the amount you transfer for the first 24 months.

- 0% interest on balance transfers for the first 24 months. 0% balance transfer fee.
- 0% interest on money transfers for the first 24 months. 3.94% money transfer fee.
- This offer is applied to any balance or money transfers made within the first 90 days of opening your account, if you make your minimum repayments on time and in full each month. You can transfer up to 95% of your credit limit.

Aliana_Johnson

I'm currently getting loads of similar offers lately! 0% for 24 months... think I'll go for 1 just to build up credit rating.