Balance transfer - what happens to original card?

Jaxche

HIya

If you use a balance transfer card to pay off an existing credit card - what happens to that 'original' card, once it's paid off?
Do you hand it back, or is it available to use with a 'zero' balance?

[Deleted User]

It remains active.

PeacefulWaters

You spend lots of money on it and end up with double the debt.

Ebe_Scrooge

Jaxche wrote: »

is it available to use with a 'zero' balance?

Yes, it's available to use.


Just be aware - you've transferred the debt to another card with a low or zero APR. Which is great. When the promotional rate runs out, you'll switch to that card's standard APR. Which could start to get expensive. So you need to make sure you've saved up the money to pay off the balance.


Of course, you could opt to switch any remaining balance to another 0% card. But there's no guarantee of being accepted, and there's usually a balance transfer fee to factor in. If you can't get another 0% card, and you haven't got the funds to clear the now expensive debt, you could start running into trouble. And if you've also been merrily spending on your freshly-cleared original card as well .......


I'm not trying to judge, but just be aware