How many times/often can you Balance Transfer On CC?

wako on 27/06/2013 - 08:56

Is the balance transfer a 1 off when you sign up or on going?

If its ongoing can you apply for more than 1 with an outstanding one already?

eg,
The HSBC Card offers
0% p.a. for 6 months

So I apply for that card, (pay the annual fees and get bonus points)
Apply for 6X my monthly expenses card limit (12k)
Say my monthly expenses are $2000,

After the interest free period on say woolworths credit card pay the balance using the new HSBC card balance transfer, Then have that amount interest free for 6 months,

The following month Do it again.

Is this possible? Or not how it works? I have never balance transfered as always paid off in full on statement, But if was possible could put the money spent In RAMS account for 6 months.. (Or 9 or 12 depending on card)

Financial

Comments

  • hys on 27/06/2013 - 10:20
    +1

    ummm… you can, but if you miss a payment or end up spending more each time you can end up with a big debt

    http://www.youtube.com/watch?v=A5sMvwCFv7s

  • tooblue on 27/06/2013 - 11:38

    0% percent BT are mostly only for new customers. There are interest for BT afterward.

  • Eivad on 27/06/2013 - 12:12

    The cheap BT rates are generally for new customers. However, due to the large number of CC companies that offer zero or next to zero interest rates (for the first 6,9, or 12 months), you could simply BT one after the other and have what is effectively an interest-free loan for several years.\

    Just don't spend more while you're BT-ing.

    Happy lending!

  • ozhunter on 27/06/2013 - 13:01

    It's possible, though if you keep applying for new cards you might get rejected one time then will have to pay high interest rates. I'd go for cards that are at 9/12 months.

  • wako on 28/06/2013 - 03:49

    No I mean I Only want to apply for 1 card, (HSBC)
    and already have Woolworths CC

    Can I balance transfer from Woolworths Credit Card
    to HSBC card Each Month with 0% for 6 months?

    (1st month-transfer 2k, (assuming 2k is my monthly expenses)
    2nd months transfer 2k {5 months remaining on 1st months BT}
    3rd month 2k{4months on 1st 2k,5months on second 2k, 6 months on 3rd month 2k)
    ect..

    Or is a promotional balance transfer only valid initially when you sign up,

    I know it sounds complicated, But its no different to how is now paying of statement each month, But being able to hold onto my own money longer therefore offseting the interest on homeloan.

    I plan to pay it on time (after 6months) so wont end up with additional fees,

  • ozhunter on 28/06/2013 - 04:05

    Or is a promotional balance transfer only valid initially when you sign up.

    Correct afaik. Though with ANZ you can login and balance transfer from another credit card at any time, but I think it's just at the normal rate.

    • Geewhizz on 28/06/2013 - 06:08

      That's spot on. The promotional rate applies only to a balance transfer requested at the time of opening the account.

  • AndyRates on 11/07/2013 - 13:34

    ANZ have a special promo 0% for 9 months for new and existing ANZ CC holders

  • timetoquit on 12/07/2013 - 15:31

    Depends on the bank. ANZ were happy to allow another separate balance transfer once my first one had been paid off. So best to call and ask. In reality, banks who are not willing to do so I'd look elsewhere.

    Add: they (ANZ) applied the same promo rate with the second transfer too.

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