Multiple balance transfers from same card

SW12Londoner

Hi,

I have a debt on a credit card that is higher than the 0% balance transfer credit limit of the new card I have just taken out (from a different bank to the first).
Assuming I keep payments up on both cards is it possible to transfer the limit of new card (A) from the current debt of old card (B), with attached fee... Then pay that off as quickly as possible before doing a second transfer with attached fee from the same old card (B) to the same new card (A)?

Basically, can I do multiple balance transfers from one card to another to help minimise the amount of interest being paid on the old card and speed up clearing the debt?
Hope that makes sense and thank you!

Ebe_Scrooge

In theory, yes you can.  The only thing you have to watch for is the "transfer window".  When you take out the new 0% card, check when you're allowed to make transfers.  Very often you can do as many transfers as you want within - for example - the first 90 days of opening the account.  Some cards will have different windows, and some will allow you to make transfers at any time during the promotional period.  In this case, do bear in mind you'll have a shorter 0% period.  Let's say the offer is 0% for 2 years, and you can do transfers at any time.  If you make a transfer after 18 months of opening the account, you'll only have 6 months of 0% period remaining.

SW12Londoner

Thank you, that is very helpful.

I was on the phone to the company of the new card and kept asking them to explain what was viable with their card and they kept telling me the cut off date for the 0% period in 2 years time and that I could do balance transfers whenever I wanted as long as I paid the fee each time. But when I asked for final confirmation they seemed very hesitant to agree that I could do these transfers at any point so I couldn't understand from what I was being told whether there actually was a separate transfer window.

Very frustrating. I will read all the T&Cs again and see if it is any clearer with your feedback in mind. 

Not that it should make any difference which bank particularly but the new card is with Capital One so if anyone has any specific experiences with them and the balance transfer process please let me know 

Ebe_Scrooge

The transfer window - and any limits on the number of transfers you're allowed to make, if any - will be in the T&Cs somewhere.  Have a look through them (either online or on the paper copy if you were sent one), you'll be able to find the answer in there - might take a bit of digging, but the information will be in there.

Do bear in mind that when you phone up Customer Services, the person you speak to won't necessarily know all the ins-and-outs of every last detail of every product they offer.  Yes, they ought to be able to look it up on their system - but for your own sanity and peace of mind, it's probably far easier to check your particular T&Cs yourself

SuperAllyB

Would you not be better balance transferring as much as you can, then paying as much as you can off of the original card and only paying minimum payments on the 0% card. You could possibly do other smaller balance transfers as the minimum payments free up credit on your new card.

You'll get the same result but pay less fees than the way you suggested in your first post.