shall I cancel Old cc after balance tfr to 0% cc

samgam30

Hi,

I am using HSBC credit card which has got outstanding balance of 4500. I would not be able to pay this amount fully and do not want to attract 19% interest rate, so I am thinking to transfer the balance to 0% barclays credit card by paying 1.5% transfer fees.

However, I would still like to use by HSBC credit card for further purchases as I would be paying off those purchases in full.

But I am not sure that once balance is transferred from HSBC to Barclays 0% interest credit card, do I need to cancel the HSBC credit card.

If not, then is it up to me to decide how much money should be transferred from HSBC to Barclays cc? I think Barclays provide 60 days period to transfer the balance.. does that mean any purchases I do on HSBC credit card for first 60 days can be transferred to barclays card?

Eonel

You would be under no obligation to close the HSBC card & you could continue to make balance transfers to Barclays for 60 days. ( up to 90% of your Barclays credit limit in total )

Be aware this is a slippery path. If you do not close the HSBC card you risk continuing to spend & max it again. Despite your commitment to pay the card in full each month, you only have to read through this forum to see how often that does not work.

As you have already maxed the card before, common sense says close the HSBC card and focus on paying down the Barclays card while adapting to live within your means.