Existing customer balance transfers

lisastevo

Hi,

I have 2 0% deals expiring in the next couple of months and am looking to transfer the balances to a new 0% deal.

I have a Barclaycard with a balance that needs transferring and a existing customer deal being offered and an MBNA with a balance that needs transferring and an existing customer deal and I just want to basically switch them. I’ve never done it this way before, is it possible and allowed?

TIA

TadleyBaggie

Yes that is allowed and possible.

[Deleted User]

You can do, providing you have sufficient credit - remember you can typically do up to 90% of the card limit + the fee

If you had £1000 on card A and £2000 on card B and card A had £3000 limit but card B had £5000 limit, it would be easy enough to put £1000 onto B from A and then do the £2000 from B to A but not vice versa.

The only issue that might arise is the rule on the second card allocating funds - the payment should be made such that the more expensive debt is paid off first but I know MNBA allocate funds on the oldest balance regardless so you might end up with an interest bearing debt anyway.
 
Obviously you should make plans to pay off your debts before the 0% ends to avoid this in the future

lisastevo

Thank you so much for your replies.

Sufficient credit will not be a problem as the balances on each card are around £3k and I have credit limits of £11k on 1 and £13k on the other so I guess it doesn’t matter which way round I do the transfers?!

The 0% deals will now run until May 2023 so will definitely be paid off before the deal runs out this time. I have been switching 0% deals for a number of years and this will be the final one. These debts were at the top of the credit limits before so I am paying them down and I never use the cards for day to day spending. I have an Amex for that which I pay off in full monthly. These were initially car purchases, will be glad to see the back of the balances!!!