Cash transfer to hold interest at bay on cash transfer

clee1010

Hi everyone.
I have a question related to a cash transfer on my Barclaycard.
A year ago I borrowed £9 000 on a cash transfer which was interest free for a year.
I have got that down to £4 500, but the interest free period is up and I will soon be charged interest on the remaining balance on a monthly basis.
Is there any reason why I could not borrow another £4 500 on a new cash transfer, let that sit in my current account for a month or so, then use it to pay off the part of the new £9 000 balance generating interest, leaving £4 500 left interest free for another year?
Has anyone done this before? Do Barclaycard have any rules about it? How would they know that I hadn't borrowed more to spend, then got another £4 500 from elsewhere.
Any advice much appreciated.

[Deleted User]

If you're offered another promo, yes.

But no need to leave it in your current account for a month. Unless you want it to get out and see the world or something. Just pay it straight off your balance.

clee1010

Thanks for the quick response zx81. Have you done something similar before? Are you sure there are no rules about that?

[Deleted User]

I'm sure. .

Money_Rollercoaster

http://help.barclaycard.co.uk/brochure/spending_transactions/Payments_used
http://help.barclaycard.co.uk/brochure/spending_transactions/promotional-standard-rate


Assuming they're willing to advance you another £4500, if you use it to make a payment they will use it to pay off the balance with the highest interest rate or the offer which expires soonest.

Money_Rollercoaster

One thing to add. On my Barclaycard and Virgin accounts, the money transfer offers come and go. I might get one for a month and then the next month I only have a balance transfer offer, so if you've got an offer now and the 0% period is pretty much up, I wouldn't wait to the last minute. you'd have to allow time also for the transfer to be approved, transfer to occur and the money you repay to be credited to your account ...

clee1010

Thanks very much both of you. That's great to know.