Closing a Balance Transfer card to apply for a new 0% purchases card

abthe

Hello,

My first post, so apologies if I sound not so obvious.

I have a Lloyd's cc with £2500 limit for few years, and has got a Tesco Balance transfer card 10 months ago with a £2500, which is paid off(paid a month's payment a night late, to which they said its fine and waived the late fee, and also said they will not report as they usually do end of the month and I was not reported yet).

Now my question, I'm looking to apply for a 0% purchases card for a similar credit limit, so, shall I close my Tesco's bt cc and apply for a new one, or is it generally not advisable as I have not even had it for a year,
Also shall I apply it with the Tesco itself(as I'm already a customer) or apply fresh to others?

Thanks

geekonthepc

General rule I've always stuck with is avoid closing credit agreements that are less than 10 months old.

You can apply to Tesco for another card, but they may well refuse it if you've got outstanding credit with them and it'll go down as a "hard" search on your credit report for nothing. Best to read the T&Cs in that case. If it were me I'd stick with other providers.

abthe

Thanks for the reply,
So, when do you think then is a good time to leave it open until, if 10 months is early?