0% balance transfers

[noddyholder]

I have transferred the balance on my barclaycard to virgin at 0% til september.I have now had an offer from barclaycard to transfer a balance at 0% til november.Can I transfer the balance back and forward between the 2 cards indefintely as i will be in a position to pay the balance off by the summer Thanks

No need! If you're going to pay it all off by, say August, you can just leave it with Virgin. Just make sure you pay more than the minimum amount and on time and it won't cost you a penny.

Thanks I am being thick today!Just as a matter of interest is it possible to keep paying cards off with new 0% ones?Seems too easy!

It does, doesn't it! But yes, you can transfer any balance onto a 0% card, and then just before the 0% time is up take out another card. We've been doing it for over 2 years now to pay for our kitchen. Have a look at \link{http://www.moneysavingexpert.com\moneysaving expert. He gives loads of advice about them and shows the best deals.

Try again moneysaving expert . Always forget that last bracket!

beware of keep transferring balances - some companies have started charging a fee % of the balance transferred.

I've been doing this for three years, my debt's gone from 3,400 to 1,350 in that time and I haven't paid any interest.

I have paid transfer fees though, of probably about £50 in all. But these are far less than any interest I would have paid.

One tip - Egg does a 0% transfer deal which it re-offers every year on the anniversary of your application for five months. This can be quite useful if you have a longish term debt (like I have) because it saves you having to apply for yet another new credit card.

Yes, Gingerbread's right about the fees. You need to watch out for them.

Also , some companies have now introduced very low interest rate cards, like 3.5% for the life of the balance. These are also very good deals and save faffing about applying for a new credit card every 6-9 months. (Sorry, not your case because you'll pay it off by summer, but just for anyone else who cares!)

Also there are only a limited number of credit card companies. for instance MBNA own quite a few others and even though they are called something different they are part of the same group which means you can't transfer your balances to them as they are already there. Just make sure to check the main company name first.

cancel any cards you have cleared too. these count to your credit score etc.