moving credit card

dexterwolf

I have a tesco credit card 0% for 15monthswhivh is up in December. I have no credit on it at the moment but what is best to do transfer it near December or close account and just get a different credit card?

thebritishbloke

"Transfer it near December"..."I have no credit on it at the moment".

Uhm, so basically you just want to get a new card? In that case you'll just have to cancel the card and get a new one, but I'd wait until closer to the time, maybe September.

guesswho2000

thebritishbloke wrote: »

"Transfer it near December"..."I have no credit on it at the moment".

Uhm, so basically you just want to get a new card? In that case you'll just have to cancel the card and get a new one, but I'd wait until closer to the time, maybe September.

OP won't have to close the existing card, and indeed won't be able to until the balance is zero (they can close it to new transactions, but it won't be closed closed).


But their post is confusing, if there's no credit on the card, I assume they mean available credit?


If there's a debt to move, and the card is maxxed out, that will look bad to a new lender (high utilisation). Either way, there's no point moving it now, there's still seven months 0% left. A new card with an intro offer usually requires said offer to be taken up within 60 days of account opening, so they'd either be paying a fee to move money from 0% to 0%, or they'd just have another card for no reason.

dexterwolf

guesswho2000 wrote: »

OP won't have to close the existing card, and indeed won't be able to until the balance is zero (they can close it to new transactions, but it won't be closed closed).


But their post is confusing, if there's no credit on the card, I assume they mean available credit?


If there's a debt to move, and the card is maxxed out, that will look bad to a new lender (high utilisation). Either way, there's no point moving it now, there's still seven months 0% left. A new card with an intro offer usually requires said offer to be taken up within 60 days of account opening, so they'd either be paying a fee to move money from 0% to 0%, or they'd just have another card for no reason.

Sorry I meant I have nothing to pay off its at zero. I onlygot it to pay for a holiday but that is paid off. So wanted to transfer it to another 0% near the time or close it but am not sure what is best to do?

guesswho2000

dexterwolf wrote: »

Sorry I meant I have nothing to pay off its at zero. I onlygot it to pay for a holiday but that is paid off. So wanted to transfer it to another 0% near the time or close it but am not sure what is best to do?

If you use it and pay it off in full every month then you'll pay no interest anyway. I wouldn't close it if it's your only card, it's always useful to have one or two.


If you want another 0% purchase card later on then it's unlikely that having this one will affect their decision at all.