Second balance transfer card?

Hi everyone,

I would like to hear opinions on this.

To start with, I have one ordinary credit card with Lloyds for about 4 years and one balance transfer card with Barclays for just under a year.
My main bank is Lloyds which I have the current account with.

I always paid the cards on time and never missed, however I was less careful with money back then so didn't always pay back in full and this accumulated quite much over time.
As the interests is average but still high on Lloyds one, I applied for and got a balance transfer card with Barclays last October and moved all balance so I have to pay no interests.
After a while there was an unfortunate event happen which forced me to a big expenditure, getting me back to high balance on Lloyds card again.
Now I am paying back both card slowly but I feel that the interest is so high at about £60/month that makes me struggle to really pay off the actual balance.

So my question is, would it be devastatingly bad if I apply for another balance transfer card?
I believe having 3 credit cards is bad and especially 2 of them are balance transfers.
And it's been less than a year (10 months) since the last application so that's also bad too.
But I still feel that it'll be better off to get a new balance transfer card to pay off everything in full much faster, then close both balance transfer cards, as the interests add up to over £700 a year which is a lot.

I have no plan of applying for a loan o mortgage in the next year or so, hence I feel it might be okay.

Sorry for the long post but would be great to hear what you would do in this situation.

Best regards


  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    kszru wrote: »
    I believe having 3 credit cards is bad and especially 2 of them are balance transfers.

    What on earth has led you to believe that?

    If you need another BT card and can be accepted, then get one.
  • More credit cards are a bad thing if you have no self control. And, if that's the case then the number of credit cards you should have is 0.

    But why you have the notion that 2 BT cards out of 3 is even more so bad, I have no idea.
  • Hi zx81, binaryuive,

    Thanks for your replies, I just thought that having multiple balance transfer cards could look like I have inability of keeping up with payments even though the reality isn't.
    But good point, suppose it wouldn't matter too much so should just go ahead with the second card and pay off everything faster.

  • I have had multiple cards in the past with 0% balances either 0% spend or balance transfers. Didn't have any problems getting more when needed. Just set the monthly direct debit to pay a set amount or minimum payment each month so you don't get caught out and lose the 0%.
    Nothing to see here, move along.
  • Dobbibill
    Dobbibill Posts: 4,132
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Do you have any offers and enough of a credit limit with Barclaycard, to do a 2nd BT to them?
    They are known for existing customer offers.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • SeduLOUs
    SeduLOUs Posts: 2,171 Forumite
    Get another balance transfer and the close the Lloyd's card otherwise 'something' will happen again and you'll spend on it again.
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards