Multiple Balance Transfers Within Specified Window

Catajig16

Hello everyone.

TL;DR - Can I balance transfer multiple times from the same credit cards, so long as its within the 60 days to claim the 0% offer?

I am in the process of consolidating some debt to my new balance transfer card. I have just cleared 2 existing credit cards with it.

Annoyingly, 2 of my major amounts are a Next store account, and Very.co.uk account which cannot be traditionally balance transferred. However a workaround is using my existing credit cards to pay off those balances.

The total amount of both these accounts exceeds the combined credit limit of my existing credit cards, so my plan is to pay off the accounts with the clear credit cards, then balance transfer the amounts to my new balance transfer card. I would need to do this twice. Ultimately leaving my accounts clear, credit cards clear, and outstanding left to pay only on my balance transfer card.

All of this would be done within the 60 days specified for the 0% offer.

I am aware of the fees associated with the transfers (my card has a deliberately low fee) and the whole outstanding balance will be paid within the offer limit of 22 months. 

Thank you for time reading this post, and you have my thanks for any advice offered. 

Kind regards.

Nasqueron

Yes you can do as many transfers as you like within the specified period, provided you don't go over the limit but paying off an account like Next with a credit card might be classed as a cash payment and be subject to interest, you'd need to check

grumpy_codger

Catajig16 said:

Hello everyone.

TL;DR - Can I balance transfer multiple times from the same credit cards, so long as its within the 60 days to claim the 0% offer?

Yes, but each transfer can have it's own 0% expiry day as a result. Possibly, this depends on the provider.

Annoyingly, 2 of my major amounts are a Next store account, and Very.co.uk account which cannot be traditionally balance transferred. However a workaround is using my existing credit cards to pay off those balances.

If they accept CC payments, even better is to use a card with 0% on purchases thus avoiding BT fee.

CliveOfIndia

grumpy_codger said:

Yes, but each transfer can have it's own 0% expiry day as a result. Possibly, this depends on the provider.

Unlikely if you're making multiple transfers to the same offer.  It's where you've already got a balance sitting there from a previous offer, then a few months down the line you take advantage of a new deal you're offered by the same card, that's when you need to watch how payments are allocated.

grumpy_codger said:

If they accept CC payments, even better is to use a card with 0% on purchases thus avoiding BT fee.

True - except you do need to be very careful that it's not treated as a cash advance (as advised by Nasqueron).  If they treat is as a "cash-like transaction" then you'll be lumbered with a cash advance fee and you won't get the 0% promotional rate - in fact, it's not unusual for cash advances to incur interest at a higher rate than the card's standard purchase APR.

grumpy_codger

CliveOfIndia said:

grumpy_codger said:

Yes, but each transfer can have it's own 0% expiry day as a result. Possibly, this depends on the provider.

Unlikely if you're making multiple transfers to the same offer.  It's where you've already got a balance sitting there from a previous offer, then a few months down the line you take advantage of a new deal you're offered by the same card, that's when you need to watch how payments are allocated.

I think you are right - this can happen only if it's an offer for existing customers, not an introductory one.

Catajig16

Thank you all for your correspondence.

After speaking to the balance transfer card issuer, they confirmed I can do multiple transfers from my existing credit cards up to a total of 6 times, which is more than adequate to move all the outstanding balances. 

Now I need to find out if my credit card issuer will charge a free for paying for the Very and Next accounts with a credit card. I'm sure I've done it in the past with no fees so I'm interested to know what the final line is.

I don't know whether it counts as a purchase, in which case I will avoid the interest anyway as the balance will be paid with 56 days, or as a "cash payment" and incur the associated fees. 

I am trying to avoid taking out yet another card to pay these off, especially as there is enough of a credit limit on my balance transfer card already. Incurring some fees for this convenience I'm happy to accept as a necessary evil! 

Nasqueron

Catajig16 said:

Thank you all for your correspondence.

After speaking to the balance transfer card issuer, they confirmed I can do multiple transfers from my existing credit cards up to a total of 6 times, which is more than adequate to move all the outstanding balances. 

Now I need to find out if my credit card issuer will charge a free for paying for the Very and Next accounts with a credit card. I'm sure I've done it in the past with no fees so I'm interested to know what the final line is.

I don't know whether it counts as a purchase, in which case I will avoid the interest anyway as the balance will be paid with 56 days, or as a "cash payment" and incur the associated fees. 

I am trying to avoid taking out yet another card to pay these off, especially as there is enough of a credit limit on my balance transfer card already. Incurring some fees for this convenience I'm happy to accept as a necessary evil! 

You could do a test payment of £1 either on that card or your other card and see if it gets any fees