Should I close my highest limit card?

lipidicman

Giggs, the department is called card closures.

Dont worry, they will give you a chance to think about the deal. They dont seem to be in a rush to close the card down. I have made three unsuccessfull attempts to get the deal I want and I still have my card. They did put my limit up for me though!

giggs11

bit of a result they offered me 0% BT for 6mths with 2% fee so ok i might not make any money out of it, haven't worked it out yet but it would be a cheap loan if i take it

lipidicman

Yeah, I wanted to stooze the BT so a 2% fee on 6 months negates a 4% return on the stooze pot completely

They would not budge on that fee, even when I went through the better deals that are still out there (RBS/Natwest 9 months no fee etc)

YorkshireBoy

giggs11 wrote:

bit of a result they offered me 0% BT for 6mths with 2% fee so ok i might not make any money out of it, haven't worked it out yet but it would be a cheap loan if i take it

So, you're now where I was after my second phone call. Dare you ring back and ask them to close the card?

Before you make that decision, things are different now from earlier this year when I got my repeat...

• It's now a 2.5% BT fee for new customers (and for old from 1st August)
• There's no 6 week intro fee-free BT period for new customers
• The credit card market has changed dramatically since last year with the widespread introduction of BT fees

However, LTSB are one of the best card providers for giving repeats to retain customers.

What a dilemma! Do you chance it and ask to close? Or do you negotiate a 'win/win' situation and try and get the BT fee capped.

Since I'll be going for a second repeat later this Autumn, I'd be really interested in the outcome here.

Good luck.

lipidicman

A second repeat?!

I want to play the 'right, close it then' game. My only concern is that lloyds have given me a £10k limit, and the most I have anywhere else is 4.5k (and that is full after a BT).

I guess that closing this card will reduce my available credit and that can help. Lloyds would also probably give me another card later as I have been with them a while (other products)

Asking for a cap might be an option too

giggs11

i asked about capping the fee but she wouldn't budge on that but having run the figures through the calculator at the stoozing website i should still make a few quid if i stooze the bt so i may as well go for it as i doubt i'd get a fee free card now with such a good limit and it will save having any more applications on my credit file for another 6mths. might try and see if i can push them to 9mths but if not i'll go for what they've offered me.

good luck getting what you want from them lipidicman :beer:

giggs11

just thought, as i bank with lloyds as well they might think it a bit funny if i trnasfer the money back into my current acc from egg money so is it possible to bt from a savings acc with egg money?

YorkshireBoy

giggs11 wrote:

...is it possible to bt from a savings acc with egg money?

It's possible to ask for a BACS transfer to any account with an 8 digit account number and 6 digit sort code - make sure you give any 'reference' appropriate to the savings account.

Egg will probably want to carry out some additional security checks if you're not sending the money to the account you make the DD from.

lipidicman

Well, my 9 months will be officially up and I will try again, however I dont hold much hope of getting a no fee/fee capped deal.

I will close the card down, just one thing I need to check. The only thing the lloyds card has going for it is a high limit (£10k) I have a low limit on egg (£2.5k) If I wanted to make a big purchase on a credit card can I credit the account with the funds (is there a limit here?) and then spend them. I guess the problem is here is that I would miss my 56 days interest free which is worth something I guess

YorkshireBoy

lipidicman wrote:

I have a low limit on egg (£2.5k) If I wanted to make a big purchase on a credit card can I credit the account with the funds (is there a limit here?) and then spend them.

Assuming this is the Egg Card, and not Egg Money, another stoozer (Mary?) recently reported muling £15K through her Egg Card.

So it looks like you will probably be OK.

However, is it possible that 'section 75' wouldn't apply because you'd be buying something with 'your own money'?