Will this credit card trick work?

edited 30 November -1 at 1:00AM in Credit Cards
2 replies 771 views
Captain_JMacCaptain_JMac Forumite
6 Posts
edited 30 November -1 at 1:00AM in Credit Cards
My MBNA credit card will let me do a balance transfer to pay off an overdraft at 0%. I was thinking of using this to pay off my HSBC overdraft facility (about £700). However, I would then have to pay off the 0% transferred balance FIRST, all the while my existing credit card balance would still be accruing interest (about £600).

So my question is this, if I used the rest of my HSBC overdraft limit to pay off the existing balance on my MBNA card (taking the overdraft total up to about £1300), would I then be able to transfer the newly increased overdraft back onto the MBNA credit card to receive 0% interest on the entire credit card balance?

Phew, hope that made sense!

ps. Love the site!!


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