Advise on credit card needed

khiller1988

Hi,

I currently have a tesco credit card that the interest free period runs out on in April. I have some savings that mature for ahigh interest account at the end of this month and my plan is to pay off the credit card and some of my BNPL on a littlewoods account so I don't accrue any interest.

However I am looking at getting another credit card IF i can, agin interest free in order to get my car insurance in 1 lump sum, allowing me to agin open a high interest account and save whilst paying the minimum payments.

Looking at the deals around tesco's still seems to be the best deal, unless your credit rate is amazing, which although I have'nt missed any payments etc I currently have a loan running and a car payment that I started recently so I'm dubious if anyone will give me anything.

My question (sorry for rambling) is could I cancel my tesco card and reapply with them for the interest free? or do i need to look at another option? Also If I get turned down for a credit card, what affect would this have long term on my borrowing/credit score?
Thanks
Katie:j

limitation

khiller1988 wrote: »

Hi,

I currently have a tesco credit card that the interest free period runs out on in April. I have some savings that mature for ahigh interest account at the end of this month and my plan is to pay off the credit card and some of my BNPL on a littlewoods account so I don't accrue any interest.

However I am looking at getting another credit card IF i can, agin interest free in order to get my car insurance in 1 lump sum, allowing me to agin open a high interest account and save whilst paying the minimum payments.

Looking at the deals around tesco's still seems to be the best deal, unless your credit rate is amazing, which although I have'nt missed any payments etc I currently have a loan running and a car payment that I started recently so I'm dubious if anyone will give me anything.

My question (sorry for rambling) is could I cancel my tesco card and reapply with them for the interest free? or do i need to look at another option? Also If I get turned down for a credit card, what affect would this have long term on my borrowing/credit score?
Thanks
Katie:j

From my knowledge, If you close your Tesco Credit Card account you'll have to wait 6 months before applying again ! And you might not get the same credit limit that you have now.

Who do you bank with ? perhaps have a chat with someone at your bank in regards to interest free credit cards ? They'll give you a better chance because they have a good history of how you handle and conduct your account(s).

No one here can really say what you'll get accepted for and what you'll be declined for ! Its really a case of trail and error, Although don't make to many applications in a short space of time, As you'll look like you're desperate for credit, Which will put potential lenders off.

One or two declined applications won't make a huge difference, But you don't wan't to start getting into a spiral of rejections.

Best of luck

khiller1988

Thanks! My bank only offer an interest free for 3 months, so not really going to be much use, think i'll give the m & s one a shot this time then after i clear the tesco one, if not then i'll have to do my car insurance monthly and accept any interest!

balmk

Once you have cleared your Tesco balance it would be worth ringing them to see if they have any promotional rates that they can offer you for a balance transfer rather than have you close the account and go with another lender.