0% Balance Transfers - how soon can I move from one to another? 27 February at 1:48PM in Credit Cards 6 replies 182 views

Taptap

Hiya
Last November 2020 I put my two old credit cards onto 0% balance transfers and figured out the amount I need to pay over these next 0% free 22 months to have them paid off. I have been super strictly budgeting as I have to now however, my issue is I needed to make a purchase of £800 (+vat) on one of them which I knew I would then get stung with interest on .. but I couldn't avoid this payment.  My question is can I transfer that balance now - today to another 0% card? Or do you have to keep the 0%'s for a certain amount of time before you can leap again? I have no other debt and a v high credit rating and these two cards total 4k app.  
Thank you all in advance! 

zx81

You can BT any amount that has statemented, or unstatemented as long as it's also sufficient to cover the statemented amount.

But obviously you need to be able to get another card, which will depend on your circumstances, not your rating.

SuperAllyB

You would only need to transfer the £800 plus a wee bit for interest to avoid future interest (other than maybe a small amount trailing the first month).  You will need to wait until that transaction appears on a statement though.  The original transfers will stay on 0%>

Taptap

@zx81 apologies I don't understand what you mean that 'it will depend on my circumstances, not on my credit rating' pls expand on that, thank you. 

Taptap

@SuperAllyB thanks, I forgot that its only the 'spend' that accrues the interest and not the BT.  I think for ease's sake though I'd rather sling the whole lot over and have just 2 cards instead of 3 and cancel that one like I have my old 2..  

zx81

Taptap said:

@zx81 apologies I don't understand what you mean that 'it will depend on my circumstances, not on my credit rating' pls expand on that, thank you. 

Lenders assess you on your circumstances and the risk you present.  This has nothing to do with your CRA credit rating.

Farfetch

You could spend on card a, transfer to card b as soon as it appears (assuming you have an offer) and ensure card b has enough payment towards it to clear the extra. So long as you have an offer on one of them and enough space to transfer the money, any payments to the card will go to the most expensive debt first (i.e. the purchase on card a/trailing interest) - assuming you are not paying the absolute minimum then it would be fine as the chargeable interest (if applicable) will be paid off using your payment