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Approved for a card but now don't need it, yet

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jd87
jd87 Posts: 2,345 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
I got approved for a Natwest Platinum card a few days ago and it's on its way in the post. It has 2 years 0% on balance transfers made within 3 months of issue. I got this card with the intention of making a large purchase on a different card and then transfering it. The problem is I've now put my plans on hold - I won't be making the purchase for about 5 months now.

What's the best way to handle this? I know there's a cooling off period for the application. If I cancel under this "cooling off" does that mean I will still be able to apply for the same card in 5 months time? Will the application and account be kept off my credit report? Is there an even better way of sorting this - can Natwest put the account (and BT offer) on "hold" or something?

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  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Uniform Washer
    jd87 wrote: »
    I got approved for a Natwest Platinum card a few days ago and it's on its way in the post. It has 2 years 0% on balance transfers made within 3 months of issue. I got this card with the intention of making a large purchase on a different card and then transfering it. The problem is I've now put my plans on hold - I won't be making the purchase for about 5 months now.

    What's the best way to handle this? I know there's a cooling off period for the application. If I cancel under this "cooling off" does that mean I will still be able to apply for the same card in 5 months time? Will the application and account be kept off my credit report? Is there an even better way of sorting this - can Natwest put the account (and BT offer) on "hold" or something?

    I doubt NatWest will put the offer on hold.

    By all means cancel and reapply in five months, there's nothing stopping you, however NatWest might not approve you, and the search from the application will remain on your file for a year no matter what you decide to do.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 19 April 2013 at 7:29PM
    jd87 wrote: »
    If I cancel under this "cooling off" does that mean I will still be able to apply for the same card in 5 months time?
    From their online application checklist, you need to confirm that...

    "You have not already applied for this card within the last six months"
    Will the application and account be kept off my credit report?
    If by "application" you mean 'search' then no.

    I'm not sure if the account would still be shown, but my guess would be yes. Why wouldn't it be? After all, the account did exist...albeit for 14 days or less.
    Is there an even better way of sorting this - can Natwest put the account (and BT offer) on "hold" or something?
    Only for 3 months by the sounds of it.
  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Uniform Washer
    Also, what's the other card you were planning to use? There might be some way you can get the cash from it (such as using a Tesco card to buy travellers cheques from Tesco and depositing into a bank account, perhaps, or using an MBNA card to txfer cash to your current account).
  • jd87
    jd87 Posts: 2,345 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Also, what's the other card you were planning to use? There might be some way you can get the cash from it (such as using a Tesco card to buy travellers cheques from Tesco and depositing into a bank account, perhaps, or using an MBNA card to txfer cash to your current account).

    Interesting! It's a Tesco card I was planning to use yes. I guess it's still a shame I will lose a few months of the 0% offer but that does at least solve the problem. Thanks!
  • UsetheFORCE
    UsetheFORCE Posts: 688 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    From their online application checklist, you need to confirm that...

    "You have not already applied for this card within the last six months"

    If by "application" you mean 'search' then no.

    I'm not sure if the account would still be shown, but my guess would be yes. Why wouldn't it be? After all, the account did exist...albeit for 14 days or less.Only for 3 months by the sounds of it.


    http://www.which.co.uk/consumer-rights/problem/i-want-to-cancel-a-loan-ive-taken-out-what-do-i-need-to-know-/

    I am assuming that if you cancel the agreement, it will be treated as though it NEVER EXISTED...

    I might be wrong but I have just asked this question...
    I have numerous qualifications in Business and Finance, Accountancy, Health and Safety and am now studying Law.

    Don't rely on anything I write as it may be wrong!!!
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