To use a credit card to pay off another credit card

[Wittyend]

Hi I have just got a credit card which I planned to do a balance transfer so I can clear my old credit card. (The new one allows 0% interest for 12 months)


However I have just tried to do the balance transfer and it won’t allow me as they are both issued from the same provider.


Is it possible to make a payment from the new credit card to the old one instead rather than doing it as a balance transfer? So I will still benefit from the 12 month no interest?

Or is it possible to use my other credit card (with nothing owed and from a different provider) to pay off the card I’m wanting to clear and then transfer that balance to the new 0% one?


It’s so confusing , just wanting to clear this debt as quick as I can without continuing to pay loads of interest

You need to look at the T&C's for balance transfers from card 2 to card 3 and from card 3 to card 1.

Card 3 might not accept balance transfers at all?

Can you do a balance transfer from card 2 to 3 ? All my cards have offers on , not just for new customers.

That's what she's trying to do temporarily, but card 3 doesn't have 0% on balance transfers. So she needs to get it onto card 1 which has 0% on balance transfers.

Okay I have just called capital 1 (card 3)

He said I can do balance transfer, the fee is 3% and then the annual is 34.94%

I have found the booklet for card 1 (the 0% balance transfer it’s like 14 pages shall I upload screenshots or should I be looking for a certain section?

Ok, 3% fee is high on £2066 and you really do NOT want to balance transfer to their 34.96% interest rate.

You need to look for a clause in card 3 which says that you can't balance transfer from them if you have balanced transferred to them?

Then you need to look at card 1 and see whether they accept a balance transfer from card 3 at 0%. Any clause on card 1 relating to balance transfers?

I asked on the call if once I have transferred a balance to them if it can then be transferred to a new card and he said that is possible.

I will read through this booklet now for card 1

@QwithaC a balance transfer and paying the monthly statement is not the same thing. You can't pay the monthly statement amount with another credit card.

It says - You cannot transfer balances from store cards, any other card provided by NewDay, American Express, Pre Paid, Cashplus or Business credit cards

You're essentially bouncing debt between various banks. You DO NOT want to end up stuck with your £2066 at card 3 where the balance transfer fee is 3% and then the annual is 34.94%.

The balance transfer fee alone is £62.

Then interest at 35% is going to kill you.

You need to be sure you can bounce.

She's not asking to pay her monthly bill by credit card.

She's asking about Balance Transfers.

ahhh I’m not sure what is the best thing to do. Do I just keep it where it is and try throw more money at it to get it down or do I transfer it

@QwithaC

Or is it possible to use my other credit card (with nothing owed and from a different provider) to pay off the card I’m wanting to clear and then transfer that balance to the new 0% one?

Yes @mernuts I was wondering if that was possible originally

And then once the payment was made to then transfer the new balance to the 0% card

it’s honestly so confusing

Say you have £1000 credit card with a bank called Arseholes Ltd.

You pay 20% interest on that debt.

You've now been granted a new credit card with a bank called Cunts INC which offers 0% interest on BALANCE TRANSFERS (a balance transfer is where you transfer the debt from one card to the the other).

If you transfer your debt from Arseholes Ltd to Cunts INC, instead of paying 20%, you're paying 0%.

Call credit card company #1 and tell them what you propose to do.

If you can't find the T&C's, talk to a human. You'll need to talk to a human in relation to a balance transfer to Card #1

The other thing which you could do is close the new 0% card and wait 30 days and then see whether other banks will offer you a 0% balance transfer card.

Are you within a 14 day get-out clause period with credit card #1?

I saw a video where a lady said use the new credit card to pay someone you trust on PayPal, then they'd bank transfer the money to you and you'd use it to pay off the old card. Avoids balance transfer fees too.

I've never done this though so no idea if it works OK.

I've just done a quick google, and apparently there are cases where paypal has been used to fund a transfer to a friend, and the credit card company has treated it as a cash advance. (Admittedly this was in the USA, but it would stop me taking a chance on that plan.)

Thanks so much for all your helpful comments, really appreciate it. Kids are home from school now so going to ring up in the morning and speak to card 1

Good luck for today. I'm interested to hear whether they'll accept the balance transfer from card 3. Be very very fucking sure though before you do it - if you can't balance transfer from card 3, then you're fucked at an interest rate of 35%