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Using money transfer to pay off balance transfer?

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Using money transfer to pay off balance transfer?

edited 30 November -1 at 1:00AM in Credit Cards
9 replies 851 views
vivavilla86vivavilla86 Forumite
1 posts
edited 30 November -1 at 1:00AM in Credit Cards
Hi guys, apologies if this has been asked before but couldn't see anything after a brief search.

I have a Barclaycard credit card which has two previous balance transfers making up its balance. The first balance transfer is about to have its promotional rate end, meaning interest is about to begin. Interest sucks, so I thought it's time to get a new card to shift the balance onto.

However, Barclaycard also offer a cash transfer off, where you use part of your balance to transfer money into your bank account and enter into a promotional rate where no interest is paid, just a nominal fee to process the transaction. I've used this offer before and it's been very useful.

So then the cogs started turning... is there anything stopping me from using the cash transfer offer, to transfer the amount of my first balance transfer, then use that money to pay off said balance transfer?

Logistically it doesn't seem like there would be anything to prevent this, but I wanted to check just in case anybody knew of any rules that might mean this isn't an option.

Thanks for your time!

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