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Swapping Credit Cards and back again

Last post Mon, Apr 16 2012, 10:32 PM by Sorted. 2 replies.
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  •  Mon, Apr 16 2012, 10:32 PM

    Re: Swapping Credit Cards and back again

    I will take your advice. Thank you so much.
    • Post Points: 5
  •  Mon, Apr 16 2012, 10:06 PM

    Re: Swapping Credit Cards and back again

    There are certain circumstances where a balance transfer isn't allowed (such as if the cards are from the same bank or if one card is an overseas one). Assuming that nothing like this applies, then your plan could work. You do need to be aware that there is fee of about 3% for each transfer plus you'll be charged about a months interest so there will only be a saving if you use the interest free promotion for a lengthy period and credit cards are not the best way to obtain long term finance. It's always possible that one of the transfers will be declined though but your chances of success will be greater if, in my view, you choose the dates so that there is a statement for each card between the two transfers.
    • Post Points: 20
  •  Mon, Apr 16 2012, 7:49 PM

    Swapping Credit Cards and back again

    Hi. I have two credit cards. One with interest free and the other without but up to the limit. Can I swap the the one up to the limit to the one without interest free and then swap it back a few weeks later to the interest free card so I can benefit from the interest free period.

    I thought I'd ask because both cards would know which card I swapped them from. Is that allowed? Also I'm unable to get another card at the moment. Thank you for your response.

    • Post Points: 20