Balance transfer query?

onlyfoolsandparking

Is it possible to transfer a balance off a card to another card then transfer it back to original card to take up decent offer.


I'm always amazed at how card companies offer great deals when I'm carrying a heavy balance and not as great when card is empty, in other words, great deal no room to use it????


I currently have big balance on MBNA interest free till June 2019, they have just offered me 0% till Dec 2020 so here's my theory:


Transfer the balance to my Halifax 3.9% for 3 years NO FEE for maybe a week? or until transfer is fully complete THEN transfer it back to MBNA taking advantage of their decent offer, is this possible?


I know I will get hit for an amount of interest (I can live with a weeks worth of interest) but I think its a decent offer and might take advantage of it, any thoughts?


Oh and I can move the balance in June 2019 as I always have at least 2-3 cards empty so its not an absolute I take the MBNA deal.

[Deleted User]

Yes you can.

Make sue you understand your allocation of payments if you are already carrying a balance on the Halifax card.

If you're not carrying a balance, I wouldn't be waiting a week to BT it back.

The only small risk is if MBNA were to cut your limit in between transfers.

onlyfoolsandparking

Yes I agree with that and regarding the not waiting a week to BT back, I'm not 100% sure if Halifax use the faster track payment system, I might check with them, thanks for the answer though