Closing a Credit Card account?

nicki_2

I've had a Capital One card on 0% for a few months now and since the offer was due to expire (18th November) we balance transfered the outstanding balance to another 0% card (HSBC until April 06). Now my Capital One statement is due any day and I'm considering closing the account with the view to re-apply for one in a few months once our current offer with HSBC has ended, as our other credit card (Natwest), which is the one we use for spending when necessary, is a lower APR.

What I want to know is how do I go about this and do I need to send stuff back to them? Then how long should I wait before trying for a new account with them?

fatboyonadiet

Ring them up and tell them, they may give you a special offer of a reduced rate but if it doesn't make you money not worth it and close the account. Don't need to send anything back, just destroy the card.

Not sure how long to leave before applying again, but advice is to normally leave 4 months inbetween applications. HTH

sicker

I re-applied and was accepted after 6 months.

John.

Milarky

I was succesfully accepted only one month after cancelling an old Capital One card [most unexpected!]

There seems to be a loophole in that C1 appear to say

1: "Don't ask for more credit less than SIX months after a previous request" [which may have been refused]

2: "Don't apply for a new card less than SIX months after a previous application" [that might have been declined]

For the same reason they won't allow more than one account per customer AFAIAA

BUT they don't appear to have any time restriction on applying for a new card [assuming that you haven't applied within six months whilst still holding a C1 card - which they would reject out of hand] as soon as you have closed an old one.

Clariman

I also closed one card and then opened up another one less than 2 months later (18 months at 0% !). In fact, when I closed the first card, I asked them how long it was until they would treat me as a new customer and they said "straight away". I found it hard to believe, but when I saw the 18 month deal, I thought it was worth a go ... and it was !

Clariman