Juggling money inbetween two credit cards to avoid interest.?
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I'm not too sharp with this whole credit card business. But if I owe say £500 on a credit card A, if I pay that off with credit card B within the time allowed so as not to bay any interest. Can I then the next month use credit card A to repay the £500 now on credit card B. So only having the £500 in any account for no more the 3/4 weeks. Would this avoid any interest at all untill I repaid it in full?
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Answer:
It really depends on the conditions and restrictions of your credit cards. Many credit cards charge a balance transfer fee which in many cases may be as much as the interest you are saving. GOOD LUCK
andrew90... at Yahoo! Answers Visit the source
Other answers
its not that smart to do, your credit card companies will notice plus there are times that they will look upon those transactions as a interest charging event. Most CC companies only offer a small window of time where balance transfers are fee free.
Rebecca -
Go to this website www.moneysavingexpert.com. This guy is a master in card 'tarting'. Won't mind saying I made a few bob myself following his advise!
L1LVN
Hmm could work ,some people just keep transferring it and getting new credit cards
pups
I think you would avoid the interest but you will pay a transaction fee for the balance transfer.
G-man
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