Can I re-apply for 0% interest free purchases card from same provider?

pb3

Hi Everyone,


The 30 month interest free introductory purchases period on my Tesco credit card is coming to an end

I am hoping that I can ring up and cancel this card and then immediately reapply for a new one.

Has anyone on the board successfully done this?

msallen

Its been a few years since I last did this with Tesco, but they certainly used to have a rule that your old account had to have been closed for at least 6 months before you would be considered a new customer (and so be eligible for such offers) again.

pb3

msallen wrote: »

Its been a few years since I last did this with Tesco, but they certainly used to have a rule that your old account had to have been closed for at least 6 months before you would be considered a new customer (and so be eligible for such offers) again.

Wow. Thank you for the quick response msallen! I guess I'm not really surprised that there is a rule like that in place. If this is the case I may cancel the card anyway and wait for the 6 months or try applying to a different cc provider in the meantime.

Ben8282

If this card has a balance that you don't repay in full every month you will need to transfer the balance elsewhere or pay interest so you will need to apply elsewhere for a balance transfer card.
If you are repaying in full each month then the interest free purchase period ending won't affect you so no need to cancel the card.

born_again

pb3 wrote: »

I am hoping that I can ring up and cancel this card and then immediately reapply for a new one.

Has anyone on the board successfully done this?

The slight flaw here, apart from the one already posted.

To close the card you need to have a ZERO balance.

So how do you intended to pay the balance? As you can't do a balance transfer to your new card as you do not have it and I would guess that they will not allow balance transfer within the same group anyway.

Fingerbobs

msallen wrote: »

Its been a few years since I last did this with Tesco, but they certainly used to have a rule that your old account had to have been closed for at least 6 months before you would be considered a new customer (and so be eligible for such offers) again.

I can confirm that this 6-month rule was still in force on 23rd January this year, when I cancelled my last Tesco credit card.

Deru

It's normal to not be able to transfer a balance to the same provider. If they keep letting you renew a 0% deal, they'll just lose money. They all want balances from other providers transferred to them or just to get you to start paying interest.

Just apply for another one from a different provider.

pb3

Ben8282 wrote: »

If this card has a balance that you don't repay in full every month you will need to transfer the balance elsewhere or pay interest so you will need to apply elsewhere for a balance transfer card.
If you are repaying in full each month then the interest free purchase period ending won't affect you so no need to cancel the card.

Hi everyone.

I intend to have reduced the balance to zero by the time I ring up and cancel the card. Note that I have 2 Tesco credit cards, however only one has the 0% interest free purchases introductory rate.

I like the flexibility of the 0% purchases introductory rate. I usually pay the balance off every month however from time to time I like the spread the balance over 2 or 3 months when I make large purchases (in effect a short interest free loan).

Now that the zero percent purchases rate is coming to an end, my hope was to:


1) clear the balance on the card and cancel it

2) reapply for a new card with a zero percent purchases introductory rate.

Since my original post I have found the following Tesco reference where it states that the period I need to wait is 2 months.

Fingerbobs

pb3 wrote: »

Since my original post I have found the following Tesco reference where it states that the period I need to wait is 2 months.

That post is 4 years old, though.

pb3

Fingerbobs wrote: »

That post is 4 years old, though.

Doh! - Sorry I didn't pick up on this. Well spotted.

In light of all this I will still clear the balance and cancel the card and see whether I can get a similar card from another provider in the meanwhile.

pb3

pb3 wrote: »

Doh! - Sorry I didn't pick up on this. Well spotted.

In light of all this I will still clear the balance and cancel the card and see whether I can get a similar card from another provider in the meanwhile.

A quick update to this thread which hopefully may of helpful to some.

Further to my last post, I rung up this morning (28th November 2019) and cancelled my Tesco purchases card. The agent I spoke to categorically advised that I need to wait 2 months before applying for a new one.

I will reapply in 2 months time and let the board know how I get on :beer: