Credit card shuffle? – MoneySavingExpert.com Forums


Hi all-

All advice welcome-

I have 4 credit cards close-ish to max limit. I pay minimum payment every month but can’t afford to do much more. I now have a sum of money which I can use to pay off a significant chunk of one of the cards. I understand the principles of interest rates and will target this payment to the amount with the highest rate. I am then going to increase my monthly payments on the outstanding debt to help to start paying of the overall balance.

I wonder if in addition to this there is any merit to employing the ‘credit card shuffle’, i.e. asking the card company I will have available credit with, whether they have a balance transfer deal to transfer some debt from another card, and then repeat this, to ‘shuffle’ the debt across the cards so that at least some of it will be on a lower interest rate.

Sounds a bit complicated, but in theory looks like it could reduce my interest payments by quite a bit.

Has anyone tried this approach?



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