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cancel a card and start again?

edited 30 November -1 at 1:00AM in Credit Cards
5 replies 435 views
Bonus_Abusing_BaracusBonus_Abusing_Baracus Forumite
84 posts
edited 30 November -1 at 1:00AM in Credit Cards

I was looking at the best money transfer cards (MBNA, Virgin, Tesco) & unfortunately I've got them already (MBNA with a balance on it, others now clear).

I might need to borrow some cash again in the near future & these cards seem to be a cost efficient way to do so.
If I cancelling the Virgin/Tesco ones & reapply would I be likely to get the new customer offer? Has anyone done this sort of thing before? I couldn't see anything about it in their eligibility criteria, and my credit score is as good as it can be.

Or is there any case for ringing them and haggling? Am guessing their existing customer rates are worse for a reason.

Any advice appreciated



  • Ben8282Ben8282
    4.8K posts
    How about simply obtaining a new card from a different provider?
    You mention borrowing some cash. Does that mean you are looking only for a money transfer card?

    Ringing them and haggling will probably not get you any better existing customer offers than you are being offered currently.

    There will certainly be a waiting period before you can re-apply and be considered a new customer should you cancel the cards.
  • zx81zx81 Forumite
    28.3K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    6 months is fairly standard for new customer status. Your credit score isn't a factor in lending, so you need to meet their current acceptance criteria.

    You are unlikely to negotiate a new offer as there is no income for them, unless there is a BT fee.
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    What does "borrow some cash" mean?

    Are you living beyond your means? No emergency funds/savings?
  • thanks all
    Yes - was only looking at money transfers and don't seem to be any other 0% money transfer providers that I can see
    Borrow some cash means borrow some cash; mortgage/bills are getting paid, money is getting saved, but have a possible a short term need for more cash that I have saved in order to buy a family member out of an property investment we share. Other option is sell.
    I guess I am looking at a 6 month wait - best time to cancel would have been 6 months ago, 2nd best time being now that I realise I suppose.
  • Ben8282Ben8282
    4.8K posts
    A word of caution. Don't assume that you will be accepted for another card by the same providers. Don't assume that you will be given the same (or higher) credit limit. Especially the second caution.
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