How to swap my Bad Credit Cards to new ones with decent APR and fee terms?

PiersMG

Hi,

Over the last years, I managed to shake off my bad credit rating. However, I have multiple credit cards (bad credit) with unfavourable APR and fee terms currently. I would like to slowly swap these out with credit cards with 0% purchase for X months and lower APR afterwards (simply, cards for good credit rating customers). Most personal finance websites do not recommend closing current credit cards, even if you don't use them. I have already looked at options at my current providers but they don't offer cards which I am looking for. Can someone help me and advise? What would be the best approach to get rid of my current bad credit cards/accounts and slowly open accounts with providers, who deal with good credit only with better 0% periods and lower APR?

Thanks to all for taking time out and talk this through with me.

[Deleted User]

You don't swap cards.   You just open new ones and, if you really want to, close old ones.

Use an eligibility checker to see what you might be able to get. But the APR should be irrelevant to a good credit customer, as they'll pay if off in full each month.  

D3xt3r5L4b

APR shouldn’t matter as you should be paying in full each month.

dr_adidas01

PiersMG said:

Hi,

Over the last years, I managed to shake off my bad credit rating. However, I have multiple credit cards (bad credit) with unfavourable APR and fee terms currently. I would like to slowly swap these out with credit cards with 0% purchase for X months and lower APR afterwards (simply, cards for good credit rating customers). Most personal finance websites do not recommend closing current credit cards, even if you don't use them. I have already looked at options at my current providers but they don't offer cards which I am looking for. Can someone help me and advise? What would be the best approach to get rid of my current bad credit cards/accounts and slowly open accounts with providers, who deal with good credit only with better 0% periods and lower APR?

Thanks to all for taking time out and talk this through with me.

I'm not sure why you're focusing on saying your current credit cards are bad credit cards as lenders who check your credit report only see that you have a credit card and not who provides it.  Its better to keep the ones you have and use them regularly and pay them in full, as these will be your longest credit card accounts and generate positive credit history.

You could still apply for the cards you're looking for while keeping your existing ones, Oh and your 0% and APR are based on your credit history and you may still get a high APR and shorter 0% period than the one advertised.

dr_adidas01

Deleted_User said:

You don't swap cards.   You just open new ones and, if you really want to, close old ones.

Use an eligibility checker to see what you might be able to get. But the APR should be irrelevant to a good credit customer, as they'll pay if off in full each month.  

You can with Barclaycard as I recently swaped (changed) my old Barclaycard Platinum to the Rewards card.

PRAISETHESUN

Some providers let you transfer between cards within their own range, but mostly it is just a matter of applying for new cards and closing your old ones. AFAIK lenders don't know/care if your card is with a sub-prime provider or not, so the concept of "cards for good credit rating customers" isn't really something to be concerned about. Look around for cards that meet your requirements (eg. cashback rewards, 0% purchases, etc), check your eligibility, and then apply if they take your fancy - worst thing that happens is you get rejected and you have a hard search on your files that impacts your ability to get credit for a month or two.