Balance swapping between credit cards

JasonJohn101 · 11 February 2018 at 8:23PM

Hi everyone - great to meet you

I have 2 credit cards both with balances below half the credit limit. I am currently paying interest on both balances. Both cards are offering interest free periods on balance transfers. I’m wondering if I could effectively “swap” the balances between the two, thereby making the most of the interest free offers.

Is this possible? - Is there anything I should be aware of?

Thanks in advance

[Deleted User] · 11 February 2018 at 8:24PM

Yes, you can do that.

Chrysalis · 11 February 2018 at 8:29PM

yes providing they not from the same company.

JasonJohn101 · 11 February 2018 at 8:37PM

thanks for fast response (amazing)

A guess a further questions is this...

I go ahead and perform my first transfer from card 1 to card 2 ... so now card 2 now has the original debit and the transferred debt. I obviously want to pay off the original debit that I'm paying interest on, not pay of the debit that I'm enjoying 0% interest on. Do I need to worry about this or am I over complicating things?

[Deleted User] · 11 February 2018 at 8:50PM

It will automatically pay off the highest rate debt.

JasonJohn101 · 11 February 2018 at 8:52PM

thanks ZX81 - appreciate the confirmation

Balance swapping between credit cards

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free