Can I 'haggle' a better CC deal?

groundskeeperwilly

At the moment I am looking into a new 0% purchase card.

I need a relatively high limit of approx £4.5k.

On my current CC I have 0% on spending for 3 more months - if I give them a call and say I am looking at other alternatives is it likely they can amend my deal? I'm comparing to the things that TV/Phone companies etc do!

If not is the MSE 'Soft Search' the best way to check my chances of getting a new card?

Thanks in advance!

W

[Deleted User]

Try a soft search and apply. The limit you're looking for is fairly low, but your income will be a deciding factor.

groundskeeperwilly

It would be less than 10% of my salary so I think that is OK.

Richey_

Be safe and do what zx81 said

RG2015

groundskeeperwilly wrote: »

At the moment I am looking into a new 0% purchase card.

I need a relatively high limit of approx £4.5k.

On my current CC I have 0% on spending for 3 more months - if I give them a call and say I am looking at other alternatives is it likely they can amend my deal? I'm comparing to the things that TV/Phone companies etc do!

If not is the MSE 'Soft Search' the best way to check my chances of getting a new card?

Thanks in advance!

W

What would your current credit card company have to gain by giving you a better deal?

groundskeeperwilly

RG2015 wrote: »

What would your current credit card company have to gain by giving you a better deal?

Retaining my custom for 12/24 months rather than have me leave and go elsewhere?

RG2015

groundskeeperwilly wrote: »

Retaining my custom for 12/24 months rather than have me leave and go elsewhere?

Thanks, but I don't quite follow how they would make any money by retaining you custom.

You are looking for interest free credit on up to £4,500. This means that they are giving you this amount and not getting any interest from you for 12 or 24 months. And this is in addition to their loss on the interest free cash they have already given you.

It was my understanding that they make their money by you continuing to use the card after the interest free period had ended. Or am I missing something?

chattychappy

Think it just comes down to bargaining position. Right now, the balance is that they think they can make money by your running off the end of the deal. They would make nothing by extending the interest free period.

In a similar situation a few years back, Barclaycard offered to lower my standard APR, emphasising that by keeping my balance with them I would avoid paying a transfer fee elsewhere.

bengal-stripe

groundskeeperwilly wrote: »

Retaining my custom for 12/24 months rather than have me leave and go elsewhere?

But you are coming to the end of a promotional deal where the CC made very little (if any) money from you. Promotional deals are offered because the bank hopes to gain profit-making long term customers. It's not different to a "three months free" magazine subscription.

What would the bank gain from an additional 12/24 months of potentially loss-making custom?

Candyapple

groundskeeperwilly wrote: »

At the moment I am looking into a new 0% purchase card.

I need a relatively high limit of approx £4.5k.

On my current CC I have 0% on spending for 3 more months - if I give them a call and say I am looking at other alternatives is it likely they can amend my deal? I'm comparing to the things that TV/Phone companies etc do!

If not is the MSE 'Soft Search' the best way to check my chances of getting a new card?

Thanks in advance!

W

Who is your lender?

They won't extend your current 0% offer, but they may offer you a new one. Lots of lenders send offers in the post or via e-mail for new 0% deals to existing customers for balance transfers - but getting one for 0% purchases is very rare. I've only managed to get this with Barclaycard and that was about 4 years ago now.

If they can't offer you anything, then just use the eligibility checker and once accepted, close your old card. Loyalty counts for nothing with a lot of financial products these days - new customers are where they see value.

https://creditcards.moneysavingexpert.com/?purchases&_ga=2.79628948.1024908116.1511173731-313072791.1511173731

ThePants999

RG2015 wrote: »

Thanks, but I don't quite follow how they would make any money by retaining you custom.

You are looking for interest free credit on up to £4,500. This means that they are giving you this amount and not getting any interest from you for 12 or 24 months. And this is in addition to their loss on the interest free cash they have already given you.

It was my understanding that they make their money by you continuing to use the card after the interest free period had ended. Or am I missing something?

You are missing something: they also make money from charging transaction fees to the vendors at which you use your card. That's why they're happy to have even customers who pay off their cards in full every month and never incur any interest - they still make money!