Balance Transfer an existing Balance transfer?

ad2397

Hello all,

A few months ago I completely a Balance Transfer and the terms on the new card were 21 months 0% interest to pay off the Balance Transfer and an additional 3 months 0% on purchases. 

I made an error however. I believed the 3 months 0% purchase balance could be paid off in 21 months time. 

Unfortunately I have had to use this card and now have around £1,000 to pay off for next month now the three month period is ending.

i am wondering, could I possibly balance transfer again and transfer my current balance to a 0% new card to give me more breathing space to pay off this amount now I have realised my mistake? 

Is there any downside to doing this? 

Many thanks, 
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Isthisforreal99

Assuming you can get another card to transfer it to (and not part of the same banking group) then it's a no-brainer.

And the takeaway is never mix spending and balance transfers in the same card although there are a couple of exceptions.

Brie

No problem whatsoever as long as your credit is good enough for you to get an appropriate card.  Remember it will need to be from a different bank group.  If a BT card isn't possible a money transfer would work as well, although they sometimes have a slightly higher fee for the transfer.  

The downside is that you would then have 2 payments to make each month.  Obviously you will have a direct debit set up for both fir at least the minimum and have a note in your calendar to check where things stand a couple of months before the offer period ends.  That will give you a chance to up your payments as needed or find another BT offer. 

You might consider for both of them to have set amounts that will clear the amount in full a month prior to the offer end (so if £1k over 10 months, paying £100 a month rather than the minimum).  

MyRealNameToo

ad2397 said:

A few months ago I completely a Balance Transfer and the terms on the new card were 21 months 0% interest to pay off the Balance Transfer and an additional 3 months 0% on purchases. 

I made an error however. I believed the 3 months 0% purchase balance could be paid off in 21 months time. 

Unfortunately I have had to use this card and now have around £1,000 to pay off for next month now the three month period is ending.

i am wondering, could I possibly balance transfer again and transfer my current balance to a 0% new card to give me more breathing space to pay off this amount now I have realised my mistake? 

Is there any downside to doing this? 

Are you intending to BT the whole amount or just the £1k?

You can BT the whole amount, if you can get a card thats got a high enough limit, you can bounce the debt as many times as you want but unfortunately many people find at some point they can't get another card with sufficient limit and so a plan B is necessary too.

You could just BT the £1k but here you need to be careful, as both are currently 0% you would need to read the terms as to which bucket the BT would be applied to. Were you to wait until you have a statement showing interest being incurred on the purchase then you are guaranteed the BT would apply to the purchase because its then on higher interest rate. 

ad2397

MyRealNameToo said:

ad2397 said:

A few months ago I completely a Balance Transfer and the terms on the new card were 21 months 0% interest to pay off the Balance Transfer and an additional 3 months 0% on purchases. 

I made an error however. I believed the 3 months 0% purchase balance could be paid off in 21 months time. 

Unfortunately I have had to use this card and now have around £1,000 to pay off for next month now the three month period is ending.

i am wondering, could I possibly balance transfer again and transfer my current balance to a 0% new card to give me more breathing space to pay off this amount now I have realised my mistake? 

Is there any downside to doing this? 

Are you intending to BT the whole amount or just the £1k?

You can BT the whole amount, if you can get a card thats got a high enough limit, you can bounce the debt as many times as you want but unfortunately many people find at some point they can't get another card with sufficient limit and so a plan B is necessary too.

You could just BT the £1k but here you need to be careful, as both are currently 0% you would need to read the terms as to which bucket the BT would be applied to. Were you to wait until you have a statement showing interest being incurred on the purchase then you are guaranteed the BT would apply to the purchase because its then on higher interest rate. 

Thank you guys for all your help. In reply to yourself mate, I am planning to BT the entire amount, so the purchase amount and the previous amount I had already BT’d.

would this be an issue BT’ing the whole amount? 

WYSPECIAL

If you transfer the full amount then you will have wasted your original BT fee as you still have 18 months left.
It would be better to just transfer the £1k that will be incurring interest. That will also minimise the cost of any BT fee that is payable for the new transfer.