Can we transfer from two different credit cards onto one 0% transfer card?

JohnoWhits

My husband and I have a bit of money each of our credit cards which we would like to combine and move to a 0% card to avoid the interest. 

Can we do this transferring from two different cards? Also can anyone recommend a card that we can do this, plus spend a small amount on. 

Ebe_Scrooge

You can do this.  Most cards will only allow you to transfer money from a card that's in your name to another card that's in your name - you can't transfer someone else's balance to your card.

However, anecdotally, if you do the transfer online rather than over the phone, you can get away with it.  Bear in mind that the account holder for the new card then becomes liable for the entire debt.

Be very careful mixing spending and BTs on the same card.  Make absolutely sure you read and understand the T&Cs relating to how payments are allocated (Spending vs Balance Transfer).  It's all too easy to come unstuck and think you're making the payment to the right balance, when actually the payment gets allocated to the other balance and you lose the 0% rate.  it's usually safer not to mix spending and BT on the same card.

JohnoWhits

@Ebe_Scrooge thanks so much for this it’s really helpful. I think my husband looked at 0% cards for spending and cards to do a BT and put them both together in his mind. 

Ebe_Scrooge

JohnoWhits said:

@Ebe_Scrooge thanks so much for this it’s really helpful. I think my husband looked at 0% cards for spending and cards to do a BT and put them both together in his mind. 

Yes, you can mix up spending and BT on the same card - but it can be an administrative nightmare to keep track of.  Far simpler (assuming you're accepted for them) to have 1 card for the BT and another for spending.

In either case, remember that you need to pay at least the minimum payment every month, otherwise the 0% promo will be immediately revoked.  Set up a Direct Debit, then you won't forget.

Also, you must make plans to repay the full balance by the time the 0% promotional rate expires.  You may be able to transfer any remaining balance to another 0% card - but you absolutely must not bank on being able to do so.  Quite apart from anything else, who knows what the financial landscape will look like in a year's time or so?  Another war, another Covid-like event could easily see lenders drastically restricting their lending options.