Folks,
I have both the above products. The Barclaycard has... a bit of a balance on it ;-), but Im barely using the Cahoot loan at the mo...
With my Barclaycard, I pay 0% on balance transfers for the life of the balance, as long as I spent £50 a month, or 6% interest per month if I dont spend £50 in that month. Interest is charged on the "cumulative £50's", and repayments go against the balance transfers first. So this of course means that over a few months, I'll be paying more and more interest....
However, at the moment there is no limit on the number of balance transfers I can do. So, what I want to know is this... Does anyone know of any reason why, every few months, I shouldnt draw on my Cahoot loan, clear the Barclaycard completely, then do a Balance transfer to the Barclaycard, clearing the loan off again - all within a few days, thus "resetting" the interest charges...
Thoughts and opinions welcomed
Steve