Money transfer from existing credit card account

thingswerentthisbadinmyday

First off, I’m in the lucky position of not needing to do this, as I have savings. And I fully understand the argument/question of “why bother then”? But I have expenditure coming up and am one of those who likes the ‘comfort’ of a cash balance.

However, with that out if the way - does anyone know if I were to accept a Money Transfer offer on one of my existing cards (0% APR, fee just below what I’m earning on my ISA) - whether I could do one of the following;

1. repay the debt from savings at the end of the 0% APR period and then ‘rinse and repeat’ on the same card (assuming that the card company is still offering MTs at that time) or is it likely that having used MT transfer once that I’ll be prevented from doing it again?
2. Balance transfer to another of my credit cards? (typically lower fee and longer 0% period)

I’m pretty handy with controlling these type of situations although as many others have said on a different thread, my OH would have issues sorting out what I was doing if I wasn’t here!

Thanks

surreysaver

Yes, that's what a lot of people on here are doing. What you'll typically find, is 0% balance transfers tend to have longer periods than money transfers as well

Altior

If it's for expenditure that can be put on a credit card, the ideal solution is a 0% purchases cc. They can be quite lengthy, and it won't cost you anything. When that deal comes to an end, then you can consider 0% MT or BT to clear the liability. It depends of course if you have 0% purchase possible options (it's likely with the info you've shared, an eligibility checker would go a long way toward confirming).

born_again

You can, but don't forget that you still have to pay the min monthly payment.

You can't do a balance transfer with a Money Transfer. What you would need to do is pay the other CC off manually from your bank account.

Brie

and possibly stating the obvious…. don't use the card for anything else. If it's a MT or BT do that, set up your DD for a minimal or set rate and then don't use it for purchases as you'll end up paying tons of interest.

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/81962522#Comment_81962522

Absolutely - create a cordon sanitaire around any credit card that's been used for an MT or a BT - put it away somewhere safe in a drawer so it cannot be used (and freeze it via the app if that is possible), so as to ensure you spend nothing on it - and make sure it's not associated with any ongoing subscription payments either.

Obviously the credit card provider would prefer you not to follow such advice!

grumpy_codger

https://forums.moneysavingexpert.com/discussion/6664044/money-transfer-from-existing-credit-card-account

fee just below what I’m earning on my ISA

How do you compare them? It's either a very short-term 0% or very low ISA interest.

From my experience MTs are typically 0% for about 2 years and the fees are usually about 3%.

thingswerentthisbadinmyday

https://forums.moneysavingexpert.com/discussion/comment/81963526#Comment_81963526

Just re-checked my existing cards.

One offering 3.2%fee, 0%APR 15 months.

The other 4%fee, 0%APR 12 months.

I don’t really want another new card just for MT. If I get another one, I want it to be 0%APR purchases for as long as possible.

Nasqueron

Barclays is the only one giving me decent MT offers - currently 21 months, 3.5% fee

Halifax/Lloyds have the same poor offer of 30 months at 5.9%, 0% fee 30 months, Tesco 4.99% fee 15 months (interestingly, they won't even show you offers if your card is frozen), NatWest no MT offer just BT. Can't be bothered to check Santander and HSBC as they aren't great after the initial offer usually