Credit card balance transfers

enigma27 · 20 Aug 2016 at 11:43

Hi Guys..

Got a new Halifax credit card with 40 months interest free and moved my barclay card balance to it a few days back..

No card has yet to arrive so thought I would spend some money on my old halifax credit card and transfer the balance over.. Seems i cant actually balance transfer between the same banks credit cards..

Would there be anything stopping me from doing the below?

Transfer balance from old Halifax card to Barclaycard
Transfer balance from Barclaycard to new Halifax credit card

I know there will be a few to the Barclaycard but i am in credit by 30 quid anyway.

Not sure if Banks frown upon this but its the only way i can see to get the balance onto the new card to get the 40 months interest free

413x · 20 Aug 2016 at 12:16

Sounds strange to me.
Maybe I've missed it but unless you have a zero fee transfer each time you do this you will get a minimum fee

enigma27 · 20 Aug 2016 at 14:16

413x said:
Sounds strange to me.
Maybe I've missed it but unless you have a zero fee transfer each time you do this you will get a minimum fee

nothing strange it just i didn't realise you couldn't balance transfer between two credit cards from the same company when i spent the money on the old card (should have waited for the new card to turn up but i'm impatient)

I know there will be a fee but paying 20 quid to transfer compared to 19% apr on the balance for how ever long will be worth sucking that up.

muon · 20 Aug 2016 at 19:57

You can do that. But you will pay a fee twice.

edit:

Just find a low transfer fee card if you are intent on doing it.

helpimcrap · 20 Aug 2016 at 21:12

I do it all the time - it's why I got my 2nd credit card. I can pay off my bills on one, then balance transfer it for 0% and then when it gets near the end of the term, I can transfer it to the other and repeat etc....

I upped both cards way beyond my authorised limit and the bank managers applauded my methodology. I paid my solar panels off with them. I've paid half the balance on minimum payment in 2years as opposed to the 10yr loan they were on originally saving myself about £5k in interest.

SimBoy · 21 Aug 2016 at 00:21

I don't understand why you would want all the hassle of swapping between cards - I just got myself one credit card that pays 'cash-back' on every transaction (paid each December) and pay the full balance off every month by direct debit, so no interest incurred.

Use it to purchase everything and you get a good wad of money back in December - just in time for Xmas

banja · 21 Aug 2016 at 05:48

Check if the new card has an interest free money transfer offer. You can then use it to stick the money straight into your account and pay off the old card with that cash. Again fee probably applies, and don't forget the discipline of not going nuts!

Tefal · 21 Aug 2016 at 06:44

SimBoy said:
I don't understand why you would want all the hassle of swapping between cards - I just got myself one credit card that pays 'cash-back' on every transaction (paid each December) and pay the full balance off every month by direct debit, so no interest incurred.

Use it to purchase everything and you get a good wad of money back in December - just in time for Xmas

what card is that?

SimBoy · 21 Aug 2016 at 10:22

Tefal said:
what card is that?

It's Nationwide Building Society (0.5% on every purchase, no restructions - soon adds up) - A mutual society so no shareholders to appease like the other banks!!! - They also offer 5% interest on a savings account currently, if you have a current account with them - you can save up to £500/month into that account to get the 5% for 12 months.

They also offer a reward of £200 for each person you recommend and they open a current account

- very easy online banking too.

They offer the best overall package out there currently - everyone else seems to offer 'short term' incentives, being too much hassle to take any advantage of imo.

Tefal · 21 Aug 2016 at 11:29

Nice one might look into that.

Is there a cap on the cash back amount?

weringo · 21 Aug 2016 at 11:40

SimBoy said:
I don't understand why you would want all the hassle of swapping between cards - I just got myself one credit card that pays 'cash-back' on every transaction (paid each December) and pay the full balance off every month by direct debit, so no interest incurred.)

Clearly OP is using his credit card as a quasi loan, whereas you are using it for cashbook benefits, two completely different purposes. As far as loans go you're never going to get rates which match or beat 0% balance transfer credit cards.

Tefal said:
Nice one might look into that.

Is there a cap on the cash back amount?

You can get 1%+ cash back with certain AMEX cards, check it this article here http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards. Worth having a Mastercard / Visa card as well for a retailers who don't take AMEX.

SimBoy · 21 Aug 2016 at 11:43

Tefal said:
Is there a cap on the cash back amount?

No, no caps - unlike other credit cards that might temp you!

Nationwide, being a mutual, care for their customers and offer the best deals imo - that is their goal - with no shareholders to look after, unlike all the other banks, they are free to do that

I hate any offer that imposes restrictions making you jump through hoops to confirm to their terms & conditions.

SimBoy · 21 Aug 2016 at 11:49

weringo said:
You can get 1%+ cash back with certain AMEX cards, check it this article here http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards. Worth having a Mastercard / Visa card as well for a retailers who don't take AMEX.

But with restrictions:

After the first three months of Cardmembership you’ll earn up to 1% cashback , depending on how much you spend on the Card:

Spend £0 to £5,000 and receive 0.5% cashback on all purchases
Spend over £5,001 and receive 1% cashback on all purchases

So, for everyday spending - it only offers the same 0.5% as Nationwide - and as you say, not all retails accept AMEX.

413x · 21 Aug 2016 at 11:50

weringo said:
Clearly OP is using his credit card as a quasi loan, whereas you are using it for cashbook benefits, two completely different purposes. As far as loans go you're never going to get rates which match or beat 0% balance transfer credit cards.

You can get 1%+ cash back with certain AMEX cards, check it this article here http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards. Worth having a Mastercard / Visa card as well for a retailers who don't take AMEX.

What I was going you say. You don't want a cash back card for loan type cards.

Amex for cash back
0pc for small loans