0% off with a balance

magpies79

So all cards on 0% are on course to be cleared but 1 was always going to have a balance on it at the end looks like it could be around 2k on it by the time my 0% runs out.

My HSBC card currently has a offer on it for 18 months 0% this card I think has a around £2,600 left on it and the current 0% deal it on has 7 months left to run so could I if this deal is still available further down the line transfer the balance off this card then transfer it back to have it on the 18 months 0%.

 I understand I could potentially have 2 balance transfer charges of 2% one for taking it off then 2.5% to put it back on but working it out be a lot cheaper as would then continue to be on 0% for 18 months hope that makes sense.

CliveOfIndia

Are you saying you've got a current card with a balance at 0%, and the 0% deal expires in 7 months?  And your HSBC has a 0% offer available?  And you want to transfer from the 1st card to HSBC when the first card's deal expires?

In principle yes.  But not sure why you'd then want to BT back to the first card (if that's what you mean).

In terms of how long the deal would last, you really do have to read the T&Cs - deals will vary so much from one lender to another.  On a brand new card it's typically 18 months (or whatever) from when the account is opened, irrespective of when the transfer is done.  For an existing card, you need to read the T&Cs.  It may be 18 months from when you do the transfer, or 18 months from when the offer was made.

And just be aware that you can't usually BT between cards owned by the same company/banking group - not sure if that applies to the cards you've got.

magpies79

So have a HSBC currently on 0% with 6 months to run when I get to the end of that deal potentially if the offers is still there transfer the 2k off it which would be accumulating interest then back onto it to take up the offer of another 15 months 0%

And thanks and yes I'm aware of not be able to transfer to cards that are under the same lender I'd make sure I do it to card that isn't.

magpies79

Appreciate it states by May so I I'm only asking in the assumption that the offer is still available in 5-6 months times they have been offering me that most months but again best not to assume it's not a defo.

if possible the only risk I see if it's allowed is I transfer the balance then once that's done they remove the offer so can't transfer back 

Brie

I find there's a couple of cards that offer me something every other month, one that's once every 6 months and one that hasn't offered anything for several years.  I'd think waiting a bit till you're closer to the end of the current 0% offer (aka in 5 months?) before doing another BT.  

But meanwhile is there anything that's keeping you from paying things off in full?  Would a little side trip to the debt free wannabee board be of any help??  Maybe there's a few things that might be pruned from your budget so you didn't have to keep moving the money about and giving the banks their % fees.   

And also - would it be encouraging to update your signature with the current amounts owing??  We all love to see those numbers go down!!

CliveOfIndia

magpies79 said:

So have a HSBC currently on 0% with 6 months to run when I get to the end of that deal potentially if the offers is still there transfer the 2k off it which would be accumulating interest then back onto it to take up the offer of another 15 months 0%

Thanks for clarifying.  So yes, in principle this would work - assuming, as you say, that a similar deal is available in 6 months.  And assuming you have another card that you can transfer the balance to.

Actually, this raises a pertinent question.  You can't transfer a balance to any old card, you can only do it if they have a BT offer running.  And if this "other" card does have a BT offer available, you could just transfer the HSBC balance to that one - no need to then transfer it back to HSBC again (unless the HSBC offer is much more favourable than the "other" card, enough so to make it worthwhile).

magpies79

Thank you for all the replies so currently have a couple of cards all on 0% all will be cleared apart from one.

I have been doing 1 overtime a month to chip away as much as I can but have also got out of that habit of paying cards to then put back on because I've left myself short so I reckon I would struggle to up payments on this card without putting that at risk and start adding debt onto another credit card if that makes sense.

Im on track and as mentioned I always had to factor that 1 card would carry a balance at the end so would either once all others cards are paid over pay or move I do have 29 months Lloyds offer as a new card but don't want to take this up as that is very much if something goes really wrong I could potentially apply for.

sorry yes I'll edit my signature forgot all about it lol

magpies79

CliveOfIndia said:

magpies79 said:

So have a HSBC currently on 0% with 6 months to run when I get to the end of that deal potentially if the offers is still there transfer the 2k off it which would be accumulating interest then back onto it to take up the offer of another 15 months 0%

Thanks for clarifying.  So yes, in principle this would work - assuming, as you say, that a similar deal is available in 6 months.  And assuming you have another card that you can transfer the balance to.

Actually, this raises a pertinent question.  You can't transfer a balance to any old card, you can only do it if they have a BT offer running.  And if this "other" card does have a BT offer available, you could just transfer the HSBC balance to that one - no need to then transfer it back to HSBC again (unless the HSBC offer is much more favourable than the "other" card, enough so to make it worthwhile).

Appreciate the reply I currently have 3 cards with offers of 0% that I could use that all have 0 balance but these are less favourable cards as most people would say sub prime and only offer 9 months I have a Vanquis card 4k limit with a 0 balance 
marbles 3.5k 0% 9 months
fluid 3k 0% 9 month.

 2 reasons won't use for long term is...


1. And I appreciate the apr doesn't matter if you clear the balance but 1 reason is wouldn't transfer the 2k to these in 6 months time and keep on there as only 9 months so wouldn't clear in time.

2 if I ran out of offers would then start to accumulate interest and these cards are like mid 30s% apr so that's why I feel the HSBC could be a good option to clear the last 2k for another 15months 

these are all the cards that have been moved to my new cards and that have longer 0% as my credit file got better so now these keep giving me offers .

this is my first time managing 0% cards so want to clear and be done first time and last time and so far is going to plan what would of been alarming is if I had these hard on 0% and started adding balances
to my old cards again which I haven't at all.