Transfer balance out then back

johnnyren

Im coming to the end of my virgin card balance transfer deal , I have another card which would be able to take the balance , I noticed that virgin is offering good deal for balance transfers to them

Would I be able to move the balance out of virgin to the other card , then in maybe a weeks time move it back to take advantage of the offer ?

Thanks

grumpy_codger

Yes, generally this is possible, but you'll pay the BT fee twice. Also it's worth doing some research to make sure that there are no reported problems with transferring a balance from that particular 'another' card to Virgin.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6670645/transfer-balance-out-then-back

No need to leave it as long as a week; it's fine to do but obviously factor in the two fees. Some also offer a MoneyTransfer on similar terms and yes you can do a MT and then use that cash to pay off the original balance - just make sure you understand the card rules for payments if the original debt is still in an interest free state. Fees are sometimes higher than BT but not necessarily if you are paying two BT fees

MEM62

Or one balance transfer fee if the other card is not a BT offer.

grumpy_codger

https://forums.moneysavingexpert.com/discussion/comment/82020304#Comment_82020304

… not a 0% BT offer (to be precise).

E.g. my Nationwide card offers no-fee 7.5% for 18 months.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82020686#Comment_82020686

So you'd pay a few days interest rather than a BT fee