Balance transfers between current credit cards.?

I am looking to transfer some money around on my credit cards to utilize a lower interest rate. Can I transfer 锟?000 from Card A to Card B (which currently has nothing on it), and then transfer 锟?000 from Card C onto Card A? (Reason for doing this is to take advantage of a balance transfer rate that is better than the current rate I have for purchases). Will Bank A assume I am transferring what I have taken off straight back on and not allow this? Do I have to declare to Bank A that I am using a balance transfer to clear that debt? Is this an acceptable and well-known practise?

(I am in the UK and have a good credit rating, but don鈥檛 want to apply for a new card at this time)

Balance transfers between current credit cards.?payday loan

In most cases you can do this with no problem, but you need to let the transfers be complete from card A before you transfer from card C. Be advised that most credit card company%26#039;s will not allow you to transfer if the cards are owned by the same company. Example if credit card A (capital one) and credit card B is also a ( capital one) they won%26#039;t except the transfer. Most credit card transfer agreements state this in the offer.For this to work A, B, %26amp; C must all be from different companys. You also want to make sure that if there is a ballance transfer fee that they don%26#039;t add up to more than the intrest that you are trying to save. Most transfer fees are 2 to 3% per transfer or they have a min or max fee. Good luck in your calculations

Balance transfers between current credit cards.? loan

You will be charged a fee by the credit card company that is loosing your business to another credit card company via a credit card check or credit card transfer of credit made out to a credit card company

Too bad you can not make it out to your self with out a penalty charge

The only way

ONLY if you pay with a personal check in that case they will offer you a better interest offer to keep you Fear rings when U pay off a large amount.|||There is no problem with anything you suggest. You don%26#039;t need to tell either card why you are transferring and they have no reason to disallow it.

However, I do have some advice for you re your plans.

1. Remember that most credit cards have a sneeky rule which means that when you pay something off, they assume it is the cheapest money you are paying. What that means is that if you have a 0% balance transfer rate but a 20% rate for normal purchases, they will assume you have paid the 0% money - and you will still be charged the 20% on all purchases. This is the reason that credit cards offer these deals - hoping that you then start to use the card for purchases and then the interest starts to accumulate for them.

So to best manage your money, it is best never to use a card for purchases if you have transferred money on a cheap balance transfer rate.

2. When you transfer money on these cheap deals, the cards receiving the debt usually add a fee (currently around 3%). In my opinion this is really interest in disguise... how could a fee that is supposed to reflect the cost of providing a service possibly depend on the amount you transfer?

This is a one-off fee every time you transfer money this way. So if you transfer money twice you pay 6% and so on. This soon adds up and you could do it many times a year. It could amount to a lot of money - so it is only worth doing if the cheap period is very long (a year or so).

3. If you really cannot pay off this debt quickly my advice is to get a bank loan to pay off the cards. The interest on that would be about 8% per annum - loads cheaper than credit cards. Honestly, credit cards are terrible for borrowing money. The fees and interest are a scandal and you should only use them if you intend to pay off your entire balance at the end of every month.

Hope this helps.|||Just do both transfers to the same credit card that has no balance...that%26#039;s the easiest way, though you%26#039;ll likely get charged for each transfer. That%26#039;s why it%26#039;s best to consolidate, otherwise you%26#039;re usually subject to multiple balance transfer fees.

So basically send 1000 to Card B, then send the other 1000 to Card B as well. Or open a Card D and send 2000 to that card if it offers even better terms. Just be aware of the balance transfer fees.

Learn more at http://www.thetruthaboutcreditcards.com