We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Approved for a card but now don't need it, yet
Options

jd87
Posts: 2,345 Forumite


in Credit cards
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?
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?
0
Comments
-
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.0 -
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?
"You have not already applied for this card within the last six months"Will the application and account be kept off my credit report?
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?0 -
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).0
-
guesswho2000 wrote: »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!0 -
YorkshireBoy wrote: »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!!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards