transfer - existing card status

cashmagic

Hi,

This may be a silly question, but here goes...

When a card balance is transferred to a new card, what is the status of the card which used to have the debt balance? Is it closed, or is the balance simply reset to zero (for further use, if required?)

Thanks,

Jay.

Clariman

cashmagic wrote:

Hi,

This may be a silly question, but here goes...

When a card balance is transferred to a new card, what is the status of the card which used to have the debt balance? Is it closed, or is the balance simply reset to zero (for further use, if required?)

Thanks,

Jay.

The balance becomes £0 (assuming you transferred the whole balance !) but the account is definitely still open and will be seen by other lenders as 'available credit'. You can still use the card. If you have no intention of using it again, then you must tell the issuer of the card (the original one) that you want to close the card.

Clariman

cashmagic

Thanks very much, Clariman.

Jay.