Credit Card Transfers
 

May be a bit of a thick question but: When applying for a new credit card and taking them up on the offer of a transfer of your balance from another card....
You don't have to close down that other card in the process do you ?

No not in the slightest.

No

.............................. but i do close them down as a colleague of mine closed down one card around 2 years ago and now re-applied for a card with them with 0% on BT and they have accepted. f he still had the card active, he wouldn't of been offered the balance transfer.

I dont know if it is the same for all lenders but i dont want loads of cards lying around so i just cancel them. BTW i'm on my 4th card now ;)

Thanks for that. Its just that I have loads of credit on the one I currently run and wouldn't like to lose it. But at the moment being able to defer payment of the current balance by 6 months looks very attractive.

I think Barclaycard are offering 12 months interest free on balance transfers at the moment - sounds too good to miss. I found details on Motley Fool financial advice website.

They are, but be aware that you're lucky if you get a credit limit any bigger than £2-3k....

So, if you're looking to get £10k at 0%, don't rely on Barclaycard....

I just put the rest of my car loan on an EGG card. 0% until March ;O)

Ws given a £15,000 limit straight away :eek:

I have a related question on this topic.
I have transferred funds into a credit card account - so it actually is in credit.
Unfortunately I have forgotten the pin number to get access to these funds.
OK bloody idiot I know.
What I want to do ,is transfer this cash into my other credit card account-The one I have the pin number of.
Hows best to do this ?

You will have to get a replacement PIN from the card issuer, draw the money out and pay it against your new card :)

You might get charged anything upto 2% for the priviledge of drawing cash too

Check out

www.moneysavingexpert.com

V V helpful site

Rob - You could bt the money from one card to another, I.e. use the one in credit to pay some off the other one - thereby removing the 'in credit' balance...

You may be charged for that too....

Mark

Would probably be easier just to spend the money instead of using your normal method of payment. Just use it to buy fuel/shopping etc... Unless it's a huge amount of money or something...

agreed.