Balance transfer - possible to transfer to more than 1 new credit card?

Nicola312

Hi all,

I'm in a bit of a pickle.

I have a credit card with £3800 on it, of which the interest free period is up on 25/4.

after doing the eligibility checker, I am currently only eligible to borrow £1200- £1500 from a new credit card. 

I wonder if it is possible to split the balance transfer over two new cards?

Or of anyone has an idea that would be great. I read on this forum, the advice to transfer as much as I can, then pay minimum on the new card whilst focusing on paying off the other one. 

Thanks so much

CliveOfIndia

Yes, you can transfer your existing balance to two or more new cards - assuming, of course, that you can get accepted for them.  Bear in mind that you'll have two BT fees to pay - though as that's usually calculated as a percentage of the sum transferred, that probably actually won't make a difference, you'd end up paying the same fee overall, however you do it.

It's generally not a good idea to make more than a couple of applications in a short space of time - too many searches close together tends to make lenders a bit jittery.

And you're right - if you can't transfer the full balance then transfer what you can, you'll still save money overall.  You then need to go all out to hammer down the higher-interest debt as quickly as possible.  Throw every spare penny at it, even if this means making some short-term sacrifices.  The Debt-Free Wannabe board can be a great source of help and inspiration if you think you'll struggle to repay the debt in a reasonable space of time.

But it's really important to have a plan in place to repay the full balance by the time the promotional rate expires.  As you've discovered, you mustn't rely on being able to do another balance transfer of any remaining balance.

DullGreyGuy

You can split the balance over multiple cards, can combine multiple cards onto one card and any other blend of the you care to imagine. 

It's always worth checking with both aggregators (I find ClearScore good) and directly with lenders that have a soft search facility. What different lenders will offer can vary drastically! Recently bouncing my 0% monies and NW and MBNA both were "pre-approved". NW's soft checker showed limit of £1,500 and MBNA £35,000

Nasqueron

£1200 is typically the representative rate quoted, if you didn't do a full hard search you won't know what limit you will actually get. Have you been paying only the minimum on the card or doing more? 

Any amount you get is a bonus to reduce the interest on the other card but you cannot just shift and hope for the best, you must have a plan to clear the interest bearing card asap and the other before the end of the period