Getting 0% on cc debt by using money transfer offer on same card

Mrs_KavP

Hi

I wondered if I could pick your brains please?

I have some debt on my Barclaycard (£1000) at the standard rate of interest.

BC are offering me 0% interest on a money transfer until Jan 2020 and I wondered if I could do a transfer for £1000 into my current account, move it to a different current account and then use it to pay off the expensive BC debt?

The end result being £1000 debt but at 0% interest. I will be able to pay it off in one go before the end of the year but just not quite yet, so I want the debt to be as cheap as possible in the meantime.

Is there some rule against this? Any repayment goes towards the most expensive debt according to the T&C, so it would be repaying the balance at the standard rate first rather than the 0% money transfer debt.

I don't want to open a new 0% balance transfer card.

Has anyone done this or does BC have a way of stopping you do this?

Thank you in advance!

Mrs K-P

[Deleted User]

You can do that, but without the complications of moving it to a second current account.

Just do the transfer then repay to the card. No need to look like you're money laundering.

molerat

Why move it to a different current account ? Yes, of course you can do it. As the existing balance is the highest rate the payment will go to this first.

Mrs_KavP

I thought maybe they would not allow that if it was paid back in from the same account it was transferred to, but if that's not the case then I agree, no need to do that.