Tesco credit card balance transfer question

Blue_sky101

I have 3 cards at present. Capital one with a balance of £1190 at 34.9%, Aqua balance is £1685 at 34.9% and Barclaycard balance of £2800 at 0% until May 2020.

I’ve just been accepted for a Tesco credit card with a 12 month balance and money transfer at 0% with a credit limit of £1900. I have 90days to make the transfers before losing the 0% deal.

My question is if I was to complete a balance transfer in month 1 and paid it off in month 2, would i still be able to make a further transfer in month 3 at 0% therefore making 2 transfers within the 90 day period?

Thanks for your help

[Deleted User]

Yes.

But if you have the cash to pay the balance off why do you need a BT card?

onlyfoolsandparking

I think so yes but what is the reason for doing it that way? a bit more info might get you a better answer than I can give

Ben8282

Yes you can but why? As there is presumably a fee for the balance transfer, what is the point as it will cost you more.
In your place I would do a BT to repay Aqua in full, leaving you with a credit card that you can use for purchases and repay in full each month without paying interest.
Then use any money that you have (the money that you are going to use to repay the balance transfer in month 2) to reduce/repay the Capital One balance.

Craig1981

you can make as many BT as you wish within the first 90 days to take advantage of the deal.

bear in mind though you will only be able to transfer up to 95% of your limit, which will be £1805. as Ben has said, clear Aqua with BT and then instead of paying off Tesco, pay off Capital one.

personally, i would then see why i have nearly 6k in CC debt and how going forward i am going to sort it and use less

Blue_sky101

Thanks for your replies. I don’t have the cash readily available. My plan was to wait until payday each time then make these Payments. I wanted to do it this way to avoid paying any interest on the aqua and capital one cards. But I’ve just realised I didn’t factor in the fee I’d have to pay for the transfers. So you’re right I may as well just pay off capital one with the extra cash.

I’ve been quite foolish with my finances in the past and really want to clear as much debt as I can this year. I even considered a consolidation loan then read some of the horror stories on this site and decided against it.

molerat

I thought Tesco new card BTs were fee free during the 90 day offer period ?


edit: Just checked and Tesco are currently offering 2 0% BT cards, one with and one without a fee. The one that offers the 20/16/12 month option is fee free, the other one is 28/22/16 months. OP needs to confirm. Maybe just me but I never apply for BT cards that carry a fee :cool:

onlyfoolsandparking

They're only fee free if they say they are fee free, the 90 day period is usually the time limit given to make any transfer.

Ben8282

Even if there is no fee it is still a pointless exercise