Penalty for cancelling card after interest free period expires?

themoffster · 25 July 2007 at 7:35PM

Hi, I got myself a 0% for 9mths card.
I use it wisely, not getting into debt etc - paying off the minimum each month as it is interest free (although I have the money to pay it off at a minutes notice).

Once my 0% expires, there are no incentives to stay with that card (cashback, airmiles, etc), but will it be frowned upon if I leave for anew card as soon as this grace period expires?

The card is with my bank, whith whom i have been a customer since I was a kid.

Cheers!

exel1966 · 25 July 2007 at 7:46PM

NO, it's called choice and thousands do it. Never stay loyal ! You can always go back to that card again at a later date (usually after 6 months) and get another introductory offer as new customers tend to get the best deals.

Milarky · 25 July 2007 at 9:38PM

In fact you can go a stage further and say you wish to close your card in the hope that they will offer you a repeat of some kind. If they don't (and it is surprising how often they will) then it's no hard feelings, nothing personal and you just cancel the card.