after 0% runs out

jasonforrester

when the 0% credit card has run out and you have either paid it back in full or transffered to another card do you cancel the card or let it lie dormant.

Swans1912

jasonforrester wrote: »

when the 0% credit card has run out and you have either paid it back in full or transffered to another card do you cancel the card or let it lie dormant.

I let my Barclaycard dormant for 3 months and then phoned up to cancel, they offered me 6 Month 0% with no BT fee. I accepted, transfered the balance and paid off in full 1 month before it was due to expire (March 09).

This was the SECOND deal Barclaycard has offered me, the first was 3% cash-back for 3 months!

It depends on what card you have and if they typically make offers that you will use... what card you thinking of?

I will give it 6 - 9 months and then cancel... If I get offered something worth using then I will stay... otherwise I have no need for the card and will cancel.

uklondoner

That is very interesting. I guess threatening them with closure of the aco!!!! does the trick.

Would this work for other cards? Paypal? halifax?

Thanks

lisyloo

I close mine straightaway because

1) they all present a fraud/theft risk which might go unnoticed on a card you aren't using (and hence chekcing) regularly.
2) They take up availbale credit on your report
3) You can't apply for new customer deals if you keep them.

CannyJock

lisyloo wrote: »

I close mine straightaway because

1) they all present a fraud/theft risk which might go unnoticed on a card you aren't using (and hence chekcing) regularly.
2) They take up availbale credit on your report
3) You can't apply for new customer deals if you keep them.

Depends on the card. Barclaycard I cancel, wait 6 months then re-apply, never had a decent repeat offer from them.

MBNA backed cards you never cancel, just wait for an offer and transfer the credit limits onto the offer card and you're off again.

LongTermLurker

CannyJock wrote: »

MBNA backed cards you never cancel, just wait for an offer and transfer the credit limits onto the offer card and you're off again.

Couldn't agree more - the stoozer's friend!

Wyndham

Can anyone tell me a bit more about the MBNA deals? I have a Virgin card which I need to pay off in June, and would normally have just then cancelled it - but reading this I'm no longer sure I should. What sort of deals have people had?

LongTermLurker

Wyndham wrote: »

Can anyone tell me a bit more about the MBNA deals? I have a Virgin card which I need to pay off in June, and would normally have just then cancelled it - but reading this I'm no longer sure I should. What sort of deals have people had?

Basically, MBNA manage loads of cards, so it's down to the current deals on those cards - look at the range and see if there's any of interest, then apply for that (while still having your virgin card).

Say you have a credit limit of £10000 on virgin, and they give you £2000 on your new card - phone them up and ask them to transfer the credit limit from virgin to the new card, giving you a limit of £12000 on the new one - you can then cancel the old one. To avoid it looking too obvious, I usually ask them to transfer, say £9000 limit across and accept that I've given away a small portion of my available credit.