Using money transfer to pay off existing money transfer?

Soconfused14

My money transfer 0% with Barclaycard has 2 months left to run but I still havent paid off the balance.
I still have an offer for another money transfer.
Can I just take out this second transfer and pay into my bank account, then use this money to pay off the first money transfer? This would effectively stretch the original interest period.
 

msallen

No reason why not

Brie

yes - lots of people do that.  just be aware that each transfer has a fee attached and those obviously increase your debt.  Depending on how high your limit is you may need to do more than 1 transfer - so if on a £5k limit with £3k outstanding you could do 1 transfer of £1.5k to pay to the bank account and then on to the card and then do the same a second time to clear the £3k.

It may be cheaper to get a different card (MBNA? Or?) and do a balance transfer to the Barclaycard.  The fees tend to be a bit lower for those.  

Ebe_Scrooge

You can - although you'll have to pay another fee.  But if you do decide to do it - make sure you budget such that you're able to repay this one by the time it expires.  There's no guarantee you'll be able to do another transfer when the time comes.

A balance transfer is another option, rather than a money transfer, if you're able to secure such a card - you may even be lucky enough to find one that doesn't charge a transfer fee..  But the same caveat about budgeting still applies.

Soconfused14

Thanks for reply. The debt is only for £1000 but dont think I can pay that off in time as due in 2 months.
Now I know I can probably do this, will sort tomorrow and then have 1 further 18 months to pay it.
I do have savings to cover this but they are in the Help to save so not worth taking out as I will lose the exceptional interest.