Balance Transfer Query

CaptainSlow88

Hi all, long time lurker, first time poster! Just a quick question about balance transfers on a credit card - I just got accepted for a Barclaycard Platinum with 0% on balance transfers for 38 months. I have successfully transferred the balance from 2 cards, but have realised for some silly reason on one of them I didn't transfer the full amount over (duh). Is it ok to do an additional transfer from this card as long as it's still within the 0% transfer period?

Sorry if this is such a stupid question but it's the first time I've delved into Balance Transfers!

[Deleted User]

Yes. .

Kim_13

CaptainSlow88 wrote: »

Hi all, long time lurker, first time poster! Just a quick question about balance transfers on a credit card - I just got accepted for a Barclaycard Platinum with 0% on balance transfers for 38 months. I have successfully transferred the balance from 2 cards, but have realised for some silly reason on one of them I didn't transfer the full amount over (duh). Is it ok to do an additional transfer from this card as long as it's still within the 0% transfer period?

Sorry if this is such a stupid question but it's the first time I've delved into Balance Transfers!

The card will likely have a maximum percentage of the credit limit that you can transfer up to, so provided you won't exceed this with the balance and any fees, there won't be a problem.

You'll have to pay another fee for the rest of the transfer and likely it would have been cheaper had the whole balance been transferred in one go.

CaptainSlow88

Thanks for confirmation - would still be well within credit limit so should all be ok. Unfortunately my silliness means I'll have to pay a fee but thankfully it's a small enough balance to shift over and fee is only 1.4% so shouldn't be too bad...I hope!

chattychappy

CaptainSlow88 wrote: »

Thanks for confirmation - would still be well within credit limit so should all be ok. Unfortunately my silliness means I'll have to pay a fee but thankfully it's a small enough balance to shift over and fee is only 1.4% so shouldn't be too bad...I hope!

As it's a percentage, surely you haven't lost anything?

Kim_13

chattychappy wrote: »

As it's a percentage, surely you haven't lost anything?

Most cards have a percentage subject to minimum, so the OP may well have to pay the higher minimum fee with the second transfer.

chattychappy

Kim_13 wrote: »

Most cards have a percentage subject to minimum, so the OP may well have to pay the higher minimum fee with the second transfer.

I initially thought that too. But he did say 1.4%....

If he is on a minimum which makes the effective percentage higher, it might be better not to transfer it and just pay standard interest until he can pay it off.