Can I balance transfer away and back again?

Majikthise

Hello.

I have a Virgin Money credit card with a long period of 0% on balance transfers (when made within 60 days of opening the account, which I'm still within).

I've unfortunately made payments with this card as well.

I've now acquired another card with a shorter 0% on balance transfers.

My intention is to transfer the 'payments' balance away from Virgin Money to my other card, AND BACK AGAIN, so that Virgin Money treats it as a balance transfer balance at 0% rather than a payments balance.

Would this work? Or is there something in place to stop people doing this?

Thanks in advance for your advice!

Sparx

Yes you could do that in theory.

Bit daft though as you'll incur a transfer fee twice for shifting it on both occasions.

Majikthise

Thanks!

Though not really daft if the transfer fees are less than the interest on leaving it in a "payments" balance for 3 years would be.

SHill

It's called a credit card shuffle people tend do what you are considering when there 0% balance deals are ending not at the start.

It may pay you reviewing 0% purchase cards instead of balance transfer card... so you can make purchases and pay the amounts of over time with out the hassle of card shuffling...& getting new cards