0% money transfer to clear existing balance on same card? Is this allowed?

ChasingtheWelshdream

Good morning,
I was looking for another 0% balance transfer deal as my current promotional rate will soon expire. However, I've just noticed my current card (Barclaycard) is offering me a 0% money transfer promotion up to my credit limit. My balance is less than half of my credit limit. 

I wondered if, rather than balance transfer to a new card whether I could money transfer an amount equivalent to my current balance, and then immediately pay the transferred money back to Barclaycard. This would then clear my 'current' debt, leaving me with a new balance at the 0% rate.

In my head that makes sense, but I'm wondering if (a) that's allowed and (b) if that's a better option than simply balance transferring to a new card. I can't see anything in the T&Cs against it. 

Does anyone have any thoughts?

Many thanks

SuperAllyB

Once the money's in your current account you can do whatever you like with it.

However, you will probably be able to get a longer term or lower fee deal with a new card from elsewhere if you're eligible.

ChasingtheWelshdream

SuperAllyB said:

However, you will probably be able to get a longer term or lower fee deal with a new card from elsewhere if you're eligible.

Thank you, and yes the fee is not as low as other balance transfer offers. However, I've just started another thread in Loans, as we are considering taking out a home improvement loan in the near future. With this in mind, I'm assuming keeping credit applications to a minimum is better and another wondering whether the money transfer would be a better option. 
Or, would the money transfer still count as an application, even though I already hold the card?

Alexd52

The money transfer would not result in a search on your credit file, they already have enough info on you to offer it in the first place

ChasingtheWelshdream

Alexd52 said:

The money transfer would not result in a search on your credit file, they already have enough info on you to offer it in the first place

Thank you Alex, much appreciated. :-)

molerat

You need to ensure you fully understand the order of payments if you pay the current balance off before the promo period ends.

ChasingtheWelshdream

molerat said:

You need to ensure you fully understand the order of payments if you pay the current balance off before the promo period ends.

Thank you, I will look into this. I did wonder if I was over-simplifying it. 

phillw

Certainly wait until the money transfer appears on a statement as this can affect how payments are applied.
It may also be worth waiting for the day before the promotional balance has expired & push a faster payment.
If they are really mean about the order payments are applied you could actually wait for the day it has actually expired.

SuperAllyB

No expert by any means but surely most (if not all) credit cards apply payments to statemented balances first, so better to pay off existing balance before money transfer appears on a statement?

ChasingtheWelshdream

Apologies for the delay in replying, we got a little side-tracked with doggy issues. I'm a little confused in light of the above two comments so I need to spend some time with their T&Cs. Thank you all for taking the time to reply.