Can I transfer a balance off a credit card and then back onto the original card?

Edward asks: If I have a balance transfer option on a card but I already have a balance on that card, can I transfer the balances onto other cards and, once those transfers clear, transfer the money back to the original card and get the zero or 1.99 percent transfer APR that they were going to give me?

Technically speaking, yes, you can probably do this. If you have one or more credit cards that have high enough credit limits and allow balance transfers, you could transfer a balance off of one card to the other card(s) and, later, transfer the balance back to the original card to take advantage of a better transfer rate.

There are, however, a few reasons why it might not work and why you might not want to do this.

• Most credit cards charge balance transfer fees of between 3% and 5% of your balance. If you transfer a $5,000 balance twice and both cards charge a 5% fee, that transfer will cost you $500.
• Balance transfer offers can expire. You never know when your credit card may no longer offer you that balance transfer offer. (For example, they may pull it after you’ve transferred your balances away the first time).
• Most credit cards do not allow you to transfer balances from other accounts with the same company, so if two or more of your credit cards are with the same issuer, this probably won’t work.

If you can get around the second two things, it all comes down to paying the balance transfer fees. Do the math. How much money will you really save. Is it worth the effort? Good luck!