Money Transfer and then Balance Transfer

abaka

HI,

looking for some advice on if this is a good idea or not.

i currently have some debt which is being dealt with.

Although I’m coming to the end of a Balance Transfer period on Lloyds and Tesco.

However I last night got accepted for a Tesco card with a significant credit limit (enough which will allow me to merge my Lloyds/Tesco and PayPal debts) onto one place.  And the minimum payment would be less than the payments to the 3!

I know I can’t do a balance transfer from Tesco to Tesco or from PayPal, but I have an MBNA card which is empty and giving a Money Transfer deal of 6.9% PA for 24 Months and 0% fee.  

I was planning on doing a Money Transfer and using the money to Pay Tesco, PayPal and Lloyds, and then using the balance transfer from Tesco to then settle the MBNA.

Ive never done anything like this before or used a Money Transfer , is it a good idea.  I would be able to do the money transfer with 0% fee and the Balance Transfer would then mean I wouldn’t pay much if any interest to MBNA.

DullGreyGuy

Need to consider the fee for doing the BT and the realistic chances of you paying it off within the 0% period -v- the 24 months low interest with MBNA. If you cannot pay it off then relative interest rates and chances of getting another transfer in X months time with no idea what the credit market will look like then. 

We had years of good times on the never never that many stopped considering the time that no/low interest stopped and debts would start having punishing interest rates. 

Jami74

Yes. I have done this. Just watch out for a balance transfer fee if there is one. And obviously try to pay as much as you can each month to get the debt paid off, not just the minimum.