"Ping-ponging" Card balances

Boltguy

I have a balance on credit card A on which I currently have a 0% deal on the balance. This deal is about to expire shortly and revert to the normal rate.

The same card provider is currently offering another 0% balance transfer deal until December 2019.

I have another credit card B (on which I have no balance) with no transfer deal at the minute.

Can I transfer my balance from card A to card B and then pretty much immediately transfer it back to card A to take advantage of the new 0% deal?

Is this permissible, or is there a minimum period for the transfer to rest on the new card before it can be transferred back?

chattychappy

No problems doing that, certainly no minimum time in terms of the balance staying on a particular card. Provided you have enough limit and time - balance transfer deals can take a few days, especially if letters are involved. (Barclaycard once insisted on sending me a letter to confirm the balance transfer and I had to ring back with a code on the letter.)

The catch is BT fees. You will pay 2 BT fees. Perhaps better to consider applying for a new card so you only have to pay one fee? Try the eligibility checker. I saw one deal where there was no fee at all. New customer deals are usually better than existing customer deals, though you don't always get enough limit to do the whole transfer.

Anthorn

Boltguy wrote: »

I have a balance on credit card A on which I currently have a 0% deal on the balance. This deal is about to expire shortly and revert to the normal rate.

The same card provider is currently offering another 0% balance transfer deal until December 2019.

I have another credit card B (on which I have no balance) with no transfer deal at the minute.

Can I transfer my balance from card A to card B and then pretty much immediately transfer it back to card A to take advantage of the new 0% deal?

Is this permissible, or is there a minimum period for the transfer to rest on the new card before it can be transferred back?

Not usually between cards from the same lender / card issuer if that's what you mean but don't quote me on that: Your lender / card issuer will be able to tell you more.

You cannot transfer the balance back if you don't have that facility on card B. However you could move the money from card B to your current account and from there to card A if card B offers Money Transfer.

Boltguy

Anthorn wrote: »

Not usually between cards from the same lender / card issuer if that's what you mean but don't quote me on that: Your lender / card issuer will be able to tell you more.

You cannot transfer the balance back if you don't have that facility on card B. However you could move the money from card B to your current account and from there to card A if card B offers Money Transfer.

No the cards are both from different lenders.

onlyfoolsandparking

yeah no probs, I've done that a few times, not great the 2 BT fees as has been pointed out BUT better than 'full fat' interest for x amount of months when your existing deal runs out.


Just keep an eye on the timing, better to have an extra couple of days interest than have the transfer bounced back because your other one was still clearing/pending whatever you wanna call it.

chattychappy

onlyfoolsandparking wrote: »

2 BT fees as has been pointed out BUT better than 'full fat' interest for x amount of months when your existing deal runs out.

It's worth doing the maths on this. Eg if the balance transfer fees are 3%, that's roughly 6% in total for the double transfer.

What is the standard APR? My lowest standard APR is 12.9%, about 1% a month. On that basis it's not worth doing this in respect of anything you can pay off within 6 months. On the other hand, my highest APR is 35%. So on that basis it's worth doing the transfer for anything you can't pay off in a couple of months.