Balance Transfer Query

hazza_bat

I have two 0% spending cards, one with Tesco and one with MBNA. The Tesco one is coming to an end in September and I've got about £3k to pay off. I was thinking to transfer it to a new card and continue paying at 0% but I just had a few questions on how it all worked.

1) Should I close down the Tesco card if I do this?
2) How do they work out the credit limit, do they know how much debt you're trying to shift?
3) Can I transfer a portion of the MBNA debit over to this card as well? I wouldn't mind to free up some credit on this card as the 0% doesn't end for another 18 months.
4) Do any balance transfer cards come with 0% spending or can you never spend on a balance transfer card?

I'm on a good salary and have an excellent credit rating, just getting married later this year so would be nice to have a bit more cash.

[Deleted User]

1.) How long have you had the card and what is the current limit?

2.) They will assign you a limit on the new card as they wish, not based on the amount you wish to BT

3.) Yes that should be OK

4.) Yes you can get ones that offer both

Ignore your credit rating/score when applying for cards (or any financial product for that matter) as they aren't real

hazza_bat

Thanks Gary!

I've had the Tesco card for 2 years and the credit limit is £5.5k.

The MBNA one is £10k limit and I have no other credit cards or contracts out, so am hoping I'll get a decent limit so I can shift some debt from the MBNA card too.

[Deleted User]

See what limit you get on the new card.

Then you may want to keep the Tesco one as a backup

hazza_bat

Thank you! Sorry one final question - seeing as one of the cards is with MBNA - will they do a balance transfer between same lender credit cards?

I'm getting 100% pre approval on that card and have found them to be more generous with their credit limits, but don't want to get stuck if I can't then transfer anything from that second card!

[Deleted User]

No you cannot BT between the same lenders