Balance Transfer Question

Frustrated_1

I’m in the process of repairing my credit, and currently have two credit cards, a Luma card from when things were really bad, and a Capital One card from more recently.

I have always paid both off in full monthly and never paid interest.

Recently my last month’s expenses at work were higher than normal and I ended up with £1300 across both cards. This coincided with a house move, and I had been curious about whether I may be eligible for a better card. I applied for a Lloyds card, and requested a balance transfer for the full amount, which was accepted.

The new card is on its way to me, but to be honest I now have the money to clear my debt and things aren’t tight. Is it possible to cancel a proposed balance transfer and just keep the new card?

I guess since it’s 0% for 18 months, the sensible option would probably be to put the money in savings for 18 months and pay in full at the end, however I don’t want the balance affecting my credit rating.

Thoughts? Thanks very much

[Deleted User]

Let it go through so as to avoid confusion and error. The you can clear it if you want.

If you have a poor credit history, it's probably wisest not to carry debt and just use the cards regularly and clear in full.

Frustrated_1

That’s probably wisest, thanks.

So can I pay off my existing card myself and contact the bank to cancel the balance transfer? They have already issued the card but I wasn’t sure if it was issued based on them getting that balance

Dobbibill

If you are paying a fee for the BT then I would ring them and ask.

If there is a £0 fee then I wouldn't bother. Just pay it off when it hits the new card.