What's the shortest time that I can balance transfer again after doing it?

rgsoton
rgsoton Posts: 79
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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.

Comments

  • noh
    noh Posts: 5,789
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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.

  • Brie
    Brie Posts: 9,238
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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.
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  • rgsoton
    rgsoton Posts: 79
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    edited 9 September 2022 at 5:59AM
    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. 
  • adindas
    adindas Posts: 6,803
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    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. 
    Since a few years ago, the no fee, 0% Interest credit is unseen. You either get 0% interest with BT fee or with x% interest with zero fees.
  • eskbanker
    eskbanker Posts: 29,811
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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. 
    Since a few years ago, the no fee, 0% Interest credit is unseen. You either get 0% interest with BT fee or with x% interest with zero fees.
    Not sure if there were any post-September posts that were deleted before your belated response, but there are a couple of no fee 0% interest cards listed at https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/#natwest22
  • daivid
    daivid Posts: 1,197
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    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. 
    Since a few years ago, the no fee, 0% Interest credit is unseen. You either get 0% interest with BT fee or with x% interest with zero fees.
    Not sure if there were any post-September posts that were deleted before your belated response, but there are a couple of no fee 0% interest cards listed at https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/#natwest22
    There definitely are and I don't think they dried up completely for more than a few months at any time - I've been stoozing non stop for about 8 years now and have only once payed a fee (0.5%) apart from that I've made every re-transfer @ 0% with no fee. However I see no 0% no fee cards on topcashback, there is one low fee (0.9%) with £19 cashback, the t&c may allow a small profit to be made but I don't think it would be worth it unless it was the best card you could get anyway. I realise this thread is a few months old so maybe there were at the time but I can't see CC providers being very generous with cashback for 0% no fee cards - they must realise they will make no money at all from a lot of their customers.
  • @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?).
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  • daivid
    daivid Posts: 1,197
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    edited 31 December 2022 at 4:25PM
    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.
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