Can I get back-to-back balance transfers?

Are back-to-back balance transfers a good idea? Are they even possible?

Can you keep taking out balance transfer card after balance transfer card, moving to another card when the 0% offer on the previous card expires? This article explains that to a certain extent, you can – but it may not be a good idea.

Can I get back-to-back balance transfers?

Yes, you can, but not endlessly. Back-to-back balance transfers may negatively affect your credit rating, and eventually you may find that you are rejected for future balance transfers.

Disadvantages of back-to-back balance transfers

Back-to-back balance transfers negatively affect your credit rating in the following cases:

  • If you make back-to-back balance transfers because you are unable to repay your debt by the end of the promotional period
  • If you apply for a balance transfer and are rejected
  • If you apply for multiple balance transfer cards
  • If your debt increases because you are unable to meet the regular minimum repayments and do not repay your balance by the end of the introductory promotional period
  • If you do not close your old credit card account after transferring your balance to a new card, and do not repay the debt on both credit cards

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Other options for repaying credit card debt

A balance transfer is just one of the many options for consolidating and repaying your credit card debt, and for it to be a good idea, you would need to repay your debt within the introductory period. Other options include:

repaying credit card debt A personal loan, where you have a set timeframe to repay the debt and you have to repay a set amount each month, so you can budget for the payments.
mortgage repaying credit card debt Add it to your mortgage – although this can be a more expensive option in the long run, in terms of how much interest you pay on the debt.
back to back balance transfers Talk to your lenders about a repayment plan.

For those who are struggling to repay credit card debt, we recommend speaking with a free financial counsellor. This is not to be confused with a debt consolidation company, who charge a fee and will not help you with your larger budgeting situation.

If you think a balance transfer is still the way to go, compare your options on our website.

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