Money transfer to pay off left over balance

gags

I have a Tesco credit card with a £6000 limit. Balance is £2500 and 0% just ran out.

Tesco are offering me 12month 0% on transfers and money transfers.....

Can I do a money transfer of £2500  of remaining  balance to my other bank then just pay off the £2500 leaving a £2500 balance at the new 0% rate? 

GrumpyDil

No reason why not. You'll accumulate some interest but.. 

gags

GrumpyDil said:

No reason why not. You'll accumulate some interest but.. 

How do you mean ? I’ll just transfer 2500 to my bank then clear the 2500 on the card then have a balance of 2500 on the card at 0%

newdriver101

Gags - there is usually a % fee for the money transfer - unless you have a fee-free MT offer

gags

newdriver101 said:

Gags - there is usually a % fee for the money transfer - unless you have a fee-free MT offer

There is a fee but I’ve factored that in. I’m presuming once I pay the £ 2500 that payment will pay off the highest interest first leaving me with a £2500 balance at 0% is this correct? 

PRAISETHESUN

gags said:

newdriver101 said:

Gags - there is usually a % fee for the money transfer - unless you have a fee-free MT offer

There is a fee but I’ve factored that in. I’m presuming once I pay the £ 2500 that payment will pay off the highest interest first leaving me with a £2500 balance at 0% is this correct? 

I'd recommend checking the terms of your card closely, some cards do it by the highest APR debt and others by the oldest. In either case it sounds like a good idea to reduce the amount owed and can't see anything immediately obvious with it, but do keep in mind that you won't be able to play the CC merry-go-round forever so you need to have an exit strategy...

gags

PRAISETHESUN said:

gags said:

newdriver101 said:

Gags - there is usually a % fee for the money transfer - unless you have a fee-free MT offer

There is a fee but I’ve factored that in. I’m presuming once I pay the £ 2500 that payment will pay off the highest interest first leaving me with a £2500 balance at 0% is this correct? 

I'd recommend checking the terms of your card closely, some cards do it by the highest APR debt and others by the oldest. In either case it sounds like a good idea to reduce the amount owed and can't see anything immediately obvious with it, but do keep in mind that you won't be able to play the CC merry-go-round forever so you need to have an exit strategy...

The £2500 paid back to the card won’t go towards paying the 0% off though will it ?