How quickly can I switch credit card?

MG83

Hi all - much appreciated if anyone has any experience of the following...
Last month I made a 0% CC balance transfer (M&S Bank - 0% for 32 months).
In my haste, I omitted to see that the minimum payment is 2.5% of the balance a month (I'm looking to just pay the minimum payment for the time being).
I'm, therefore, pretty much paying double a month that I was on the previous card (MBNA) - and I can now see other cards with better rates, e.g., a minimum payment of 1% of the balance.
My questions are:
Am I free to switch cards (after just one month?)?
Is there any penalty for switching cards so soon (can't see anything in the t&cs)?
Is there likely to be any impact on my credit score for switching so soon?
Any help welcome,
Thanks, MG83

Nile

Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

I’ve moved your thread from the ‘I wanna’ board to the ‘Credit Cards’ board, where it is better suited.

Regards

Nile

[Deleted User]

You can BT again to another card providing you have a card that will cover the limit.

Bear in mind there may be a few to BT as well, and you’ll need to check what the minimum payment is for the new card - 2.5% of the balance seems about right for any card though.

Ignore your credit score, it’s not real

[Deleted User]

As Gary says 2.5% is quite low and few offer 1% many are now 5%, thats to help people repay their debts and save interest on interest bearing cards. You maybe hard pressed to get another deal so soon.

Dobbibill

Remember to factor in a BT fee, if applicable too.

The ideal situation is to pay your balance £/32 months anyway to prevent the need to switch again.

redux

Don't forget that's 2.5% of a balance that reduces each month, so if no further modest spending it will still be at 44% of the original amount by 32 months, not down by 80%.