Money Transfer to pay off the same Card?

mike166

Hi,
I am wondering if this is possible.. If I use my 0% money transfer offer to transfer £X to my bank account, and then use that money to pay off the same Credit Card I got the offer from. Therefor no longer paying the monthly interest on the balance and giving myself 10 months interest free to pay off the card.

Is that how it would work or am I overlooking something? It is a Barclaycard.

thanks all!

MallyGirl

you can do that. Once the money is in your bank account you can use it however you want and if the BCD balance is no longer on 0% and the money transfer is 0% then it would be a good move.

mike166

thanks for the advice. I was worried what way round the balance is paid off, like would I be paying off the card balance first, or the money transfer first which would be pointless to do it.

MallyGirl

payments should be applied to the portion of the balance incurring the most interest but your T&Cs will lay this out for you to check