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Balance Transfers

(3 Posts)
EdwinaLIzzard Fri 20-Oct-17 17:41:57

I don't have any credit card debt but have just had a good and new 0% balance transfer offer through for one of my credit cards that I never use.

I am actually planning some fairly big purchases over the next six months or so, totaling just under £5,000.

Could make a balance transfer of £5000 to my John Lewis Partnership card, effectively making it £5000 in credit and then use that card to make my purchases? At the same time I will pay off the balance transfer card at a regular amount each month, paying it back in full before the interest free period ends in 3 years time?

It sounds too good to be true which is making me think perhaps its either not possible or illegal????

FluttershysCutieMark Fri 20-Oct-17 18:09:22

I've found in the past that they don't allow balance transfers to store cards. I tried with argos and it wasn't possible. Maybe JL is different but I wouldn't bank on it.

Ginorchoc Fri 20-Oct-17 18:12:32

A credit card I have offers 0% balance transfer to bank accounts in 3 year deal. Ive had it years though so not sure if it's a targeted offer. Not used it for a long time and it's on zero if that makes a difference. Does yours offer that option?

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