What's the shortest time that I can balance transfer again after doing it?
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rgsoton
Posts: 79 Forumite
Bit of a grammatically bad question in the title but I have a debt of £3k and am looking to make a few quid through TCB. So looking to shift the debt on to a card which gets cashback from TCB when you take it out. However the debt was only transferred a few months back. Does this matter? If not surely people just continually shift debts for fun??!!
Thanks.
Thanks.
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Comments
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Makes no difference how quickly you shift the debt.
I have done it the same day previously. Not for fun but to achieve a specific goal.
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Many don't shift debt frequently as they are charged a fee for each transfer. But if the £ you make out of the cashback exceeds the fees you have paid and you'll still be on a good rate (or zero rate) then it would be worthwhile to at least consider it."Never retract, never explain, never apologise; get things done and let them howl.”2
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Thanks for taking the time to reply. I would only ever go for no fee option with 0% interest and am solely doing it to get cash back.
I guess another thing is that of course we can shift debt as much as we want but may not be accepted for the credit card.
Thanks again.0 -
rgsoton said:Thanks for taking the time to reply. I would only ever go for no fee option with 0% interest and am solely doing it to get cash back.
I guess another thing is that of course we can shift debt as much as we want but may not be accepted for the credit card.
Thanks again.
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adindas said:rgsoton said:Thanks for taking the time to reply. I would only ever go for no fee option with 0% interest and am solely doing it to get cash back.
I guess another thing is that of course we can shift debt as much as we want but may not be accepted for the credit card.
Thanks again.1 -
eskbanker said:adindas said:rgsoton said:Thanks for taking the time to reply. I would only ever go for no fee option with 0% interest and am solely doing it to get cash back.
I guess another thing is that of course we can shift debt as much as we want but may not be accepted for the credit card.
Thanks again.1 -
@daivid out of interest, how often do you find yourself opening a new CC account / closing CC accounts in order to be able to successfully stooze a decent amount (& what sort of limits are we talking here if you don't mind me asking?).
Save £5k in 2024 challenge #32
Saved Total = £1,560.26 / £5,000
Secured/Unsecured loans x 0
Credit Cards x 6 (total limit £24,250)
Creation FS Retail Account x 1
0% Overdraft x 1 (£250)
Mortgage x £140,250
Debt = £549.00 (0%APR due 22nd July 2024)
Charity fundraising goal for 2024 = £1,000 for animal rehoming / dog fostering etc0 -
Originally I was quite cautious and would refresh the 0% deals when I had six months left on the old card. Which if memory serves used to mean new cards every 18months or so. When the deals dried up I would be taking out new cards as and when they became available, provided they extended the time by at least 6months.
My stooze got to £6k in about a year and has been gradually built up to about £12k, using a mix of balance transfer cards and 0% spending. Limits have been variable between cards, as low as 1500, but more typically around 4500 and until now the best were about 7k.
I've just been approved for £11k for 17 months with sainsbury’s so that will simplify things for a bit. From what I gather my stoozing is small compared to what others on here do/did but I've made a bit of money and based on the time spent at a higher rate than I get paid in my job.0
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