Balance transfers

Toastie

Does anyone know if by shuffling your debt without 0% balance trasfer rates that the debt is paid at an equal time? Or is it the original debt cleared followed by the transfered debt which is gathering interest?

Thanks for your help.

CannyJock

Toastie wrote: »

Does anyone know if by shuffling your debt without 0% balance trasfer rates that the debt is paid at an equal time? Or is it the original debt cleared followed by the transfered debt which is gathering interest?

Thanks for your help.

Normal practice is lowest interest debt is cleared first. Phone the CS department (number on back of the card) and ask them to confirm.

If you're thinking about doing this, you need to add in the transfer fee to your calcs.

If you're paying off a "high interest" card, don't forget to cancel it once it's clear and all residual interest is gone (up to 2 months).

Toastie

Thank you for your help. Can you keep balance transfering from one month then the combined debt anothermonth?

I just got issused a Halifax Credit Card with only £1500 limit but 6months 0% balance transfer. By moving that debt across it would be easier for me to repay.

Am i allowed though?