Is it Possible to do a 2nd Balance Transfer?

Featured Long Term Balance Transfer Card
Rather than doing a 2nd balance transfer, transfer your entire balance onto a longer term balance transfer credit card. The Suncorp Clear Options Standard is currently offering a sweet deal for new cardholders. Take advantage of the promotional balance transfer rate of 2.9% p.a. for the first 12 months. Switch to a Suncorp Standard Visa card today!
- $39 annual fee
- 12.24% p.a. on purchases
- 1.9% p.a. for 12 months on balance transfers
- Cash Advance Rate of 17.99%
- Freedom to transfer balances of up to $20,000
Click here to read the Suncorp Clear Options Standard Visa Card terms and conditions
Straight up, it is possible to do a second balance transfer. However, there are a couple of associated consequences that can possibly arise out of second, or continuous balance transfers.
The Affect on your Credit Score
Applying for more credit, and increasing your ‘debt:credit ratio’ are two possible detriments of continuous balance transfers. To find out more about your debt to credit ratio, see here.
Running the Risk of Rejection
If you’re strategy for credit cards and debt consolidation involves constant balance transfers, you’re running the risk that your next credit card application will be denied. This is always a possibility, particularly since constant applications for new credit can dent your credit rating.
The Final Deal
When it comes down to it, you can easily juggle around your credit card balances with balance transfers, you’ll just need to be wary of your credit score. Strategise accordingly and accurately, as the last thing you want is a $5000 balance you can’t pay off until you’re back on another 0% for 6 month offer.
See the top balance transfer credit cards available in Australia for online application.
Related posts:
- Balance Transfer for 12 Months With Suncorp
- Balance Transfer Deals – Find the best balance transfer deal
- Can You Transfer Multiple Credit Cards with a Balance Transfer?
- 2 Questions To Ask Before Applying For Balance Transfer Credit Cards
- St.George Balance Transfer FAQs
- Balance Transfer Credit Card Comparison
- Balance Transfer Limit: How Much Can I Transfer with a Balance Transfer Card?
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HSBC Credit Card
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Suncorp Clear Options Standard Visa Card