Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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Scenario:
You have credit card A which has a current balance of lets say....£200. The date for it to be paid before incurring interest is 18th Jan 09
You also have credit card B (which is with a different bank). Could you use this credit card to pay the balance of credit card A?
It doesnt stop there either....
Providing the above can be done.....
When the statement for credit card B (which currently has a £0 balance) turns up...for £200 of course....could you use credit card A again (which by now should have a 3) balance) to pay it? and so on and so on....
I'm not in the situation by the way....i just had the thought last night 
[Edited on 01-01-2009 by Aaron]
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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yes its called a balance transfer, most places charge 3% so its not really worthwhile
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
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ash_corsa
Member
Registered: 15th Apr 04
Location: Shrewsbury
User status: Offline
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No, you cant use a credit card to pay off another credit card like that.
You can transfer a balance, which incurs a handling charge.
If you read the back of your statement, it should tell you, i know mine does.
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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Ah 
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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quote:
Originally posted by Twiggy
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
care to enlighten me?
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ash_corsa
Member
Registered: 15th Apr 04
Location: Shrewsbury
User status: Offline
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quote:
Originally posted by Twiggy
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
there isnt anywhere that will transfer a balance without a fee so technically you're wrong.
i managed to haggle with my credit card company and got it halved (1.25%)
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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quote:
Originally posted by CorsaB4ever
quote:
Originally posted by Twiggy
quote:
Originally posted by CorsaB4ever
most places charge 3% so its not really worthwhile
wrong
care to enlighten me?
sure, its worth while because.....
http://uk.virginmoney.com/virgin/credit-cards-v3/
Using the above card as example and £1000 balance and that std rate of 16.6% apr....
2.98% balance transfer fee = £29.80
interest per month @ 16.6% = £12.92 x 16mths = £206.66 Saved in interest - £29.80 bt fee
=====
Total Saving £176.86
[Edited on 02-01-2009 by Twiggy]
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BlueCorsa
Member
Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
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^^ Worthwhile if you're transferring it one-time to a 0% deal, but not to transfer the balance backwards and forwards every month between cards!
Unless either card has a 0% deal (in which case you'd only transfer once), then I think you get the interest charged from the date when the balance transfer is done?
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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quote:
Originally posted by BlueCorsa
^^ Worthwhile if you're transferring it one-time to a 0% deal, but not to transfer the balance backwards and forwards every month between cards!
?
but if you on 0% you wont need to transfer every month?
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BlueCorsa
Member
Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
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Which is why I said:
quote:
Originally posted by BlueCorsa
Unless either card has a 0% deal (in which case you'd only transfer once), then I think you get the interest charged from the date when the balance transfer is done?
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