Can you still be a tart with an SBT?

Audrey_2

OK so this is my cunning plan - I need to do lots of work on my house so rather than get a loan I've decided to apply for a 0% credit card and do a super balance transfer into my account so I can pay the builders. But (and this is where I'm probably being incredibly silly) what happens once the 0% runs out, can I transfer the debt to another 0% card as you would with a 'normal' card debt. In other words can you still be a credit card tart with an SBT?

Final thought - why don't they teach basic finance at school - Headmaster Lewis step forward.

Clariman

Yes, you can transfer the debt to another card at the end of the SBT introductory period just like any other Balance Transfer. You can find step-by-step details and diagrams under "Full Guide" under the Stoozing drop down menu on the website below.

Pay close attention to the card Ts & Cs though because more and more card issuers are charging for Balance Transfers.

Clariman

YorkshireBoy

Audrey wrote:

...what happens once the 0% runs out, can I transfer the debt to another 0% card as you would with a 'normal' card debt.

Just to add to Clariman's post, when SBT'ing for conventional purposes (ie stoozing), the money should/is normally always placed in a "safe" account (ie, internet-based high interest), although there are other, more speculative, places such as premium bonds. Yours is an "unusual" reason for SBT'ing in that you are going to spend the money and then try to borrow some more after 6/9 months to pay the original lender back.

With this approach, you must bear in mind the following...

1/ Don't do anything in the interim period that will "damage" your credit rating, thereby inhibiting your ability to obtain another line of credit.

2/ Apply in plenty of time for your next card to transfer the remaining balance from your first card. This is very important - Mrs YB and myself have obtained 7 credit cards since March and the time taken to transfer balances has been as long as 6 weeks.

Failure to observe the points above could mean you are charged >15% when the standard interest rate kicks in, or you will be racing around for a personal loan to minimise the interest.

Audrey wrote:

Final thought - why don't they teach basic finance at school - Headmaster Lewis step forward.

I believe they're about to make this compulsory in High School - although I doubt they'll call it "revenge - make money from credit cards"