Can you pay off a credit card balance then do a money transfer the next day?

overcharged123

Hi,

This may be a stupid question but I just want to make sure I'm not making my situation worse.

I've got about £1000 on credit card A and about £500 on credit card B.  I'm paying interest on both.

Credit card B has offered me a money transfer with 0% interest until August 2022.  There is a 2.4% transfer fee.

I need about £3500 for paying towards a new car and for veterinary operations. I can't put those things off until I've saved some of it, so I need to borrow it.

Is it ok to pay off the balance on card B using my current account (would put me in my arranged overdraft, so a small penalty but not much) then the next day get a money transfer from card B for £5000?  Is there any reason why you can't do that?

I'd then pay off card A (£1000), it would cover my overdraft (£500) and leave me with £3500 for the car and vet?

I'd then try to pay it off at £500 a month so it would be clear or nearly clear by August.  I'd also have to pay the transfer fee (£1.20) which is cheap compared to what the interest would be for that period.

Thanks in advance for your replies.

[Deleted User]

Yes,, you can, assuming you have sufficient limit.

However the fee is £120, not £1.20. There are cheaper options.

overcharged123

Deleted_User said:

Yes,, you can, assuming you have sufficient limit.

However the fee is £120, not £1.20. There are cheaper options.

Sorry I meant £120!
Thanks.
But what are the cheaper options?

[Deleted User]

A 0% purchases card, assuming the retailers in question accept them, would avoid fees.

And then a zero fee BT card for any existing debt. 

As well as reducing the cost, you'd also get much longer 0% periods.

overcharged123

Thanks zx81.  Why didn't I think of that, I suppose it's because I'm panicking, the car suddenly died and three animals became sick, and vet bills have soared since we last had pets 20 years ago.

Alex9384

overcharged123 said:

Thanks zx81.  Why didn't I think of that, I suppose it's because I'm panicking, the car suddenly died and three animals became sick, and vet bills have soared since we last had pets 20 years ago.

You can start with Halifax or Lloyds credit card eligibility checkers on their websites as they show you not only the chance of getting approved but also what your estimated credit limit would be. Most providers only tell you how likely you're to get accepted, but won't tell you what limit you'd get.