Making multiple balances transfer between two cards

Tondoseltoro

Hi, I'm new to the forum and I have a very specific question, I have searched around but can't find an answer.

My question is can I do two BT between two cards within a month.

I have a Halifax card with £700 on it and an HSBC card with £2000. Both have a £3000 limit..

HSBC offer a 20 month 0% interest BT (2.3%fee ) that i need to complete before 28/2/17. Halifax offer a BT without a fee. Could i transfer my £2000 HSBC balance to Halifax and then within a week or two transfer the whole lot back to HSBC, which should give me an interest free balance of £2700?

Are they any restrictions on this?
Thanks for any help

[Deleted User]

Yes, you can do that.

Superscrooge

I agree you could do this, But is it the most sensible thing to do?

Halifax are offering you a no fee 0% BT so you can transfer £2000 completely free of charge from HSBC to Halifax where it is at 0%. It seems strange unless I have overlooked something, to then incur a 2.3% fee by immediately transferring it back again?

I would be inclined to leave the £2000 debt with Halifax and then look at your options for the much smaller £700 debt.

YorkshireBoy

Superscrooge wrote: »

I agree you could do this, But is it the most sensible thing to do?

Halifax are offering you a no fee 0% BT so you can transfer £2000 completely free of charge from HSBC to Halifax where it is at 0%. It seems strange unless I have overlooked something, to then incur a 2.3% fee by immediately transferring it back again?

I would be inclined to leave the £2000 debt with Halifax and then look at your options for the much smaller £700 debt.

As I understand it, neither of the balances are currently at 0%. But only HSBC has a 0% offer...but only on new balances. So the benefit to the OP is that the whole lot gets put on 0% with HSBC following the transfer back.

The total cost is 2.3%, which will be recovered by months 2-3 (based on current monthly interest of c. 1.3%), giving a further 17-18 months at 0% interest.