2nd credit card

Snorts

In error this week I have got a new credit card which was 0% on balance transfers (I wanted one which was 0% on balance transfers AND purchases). I have already done a balance transfer onto this card and will take up to 4 weeks to transfer back. Therefore I am going to keep this card as don't want to transfer the balance to another card and have to another balance transfer fee.

I am going to apply for another credit card with 0% on purchases - My question is will it affect my application and / or my credit rating if I apply for another credit card so quickly after the first one (applied just over a week ago).

Thanks all

Ebe_Scrooge

The generally accepted advice is that up to 2 applications in quick succession will not have too much of an adverse impact on your history.  More than 2 and it starts to look to lenders like you're desperate.  Obviously it's not a hard & fast rule, all lenders have different criteria.  Having said that, most lenders have become a lot stricter with their lending criteria since the start of the pandemic, so you may find it hard to get another card anyway.

I would ask why you're so desperate to get a 0% purchase card.  If you're simply wanting to take advantage of being able to spread the cost of a large - planned - purchase, then fine.  If, however, you're planning to buy something you can't really afford, then proceed with caution.  You need to be very disciplined, and make absolutely sure you have the money saved up to pay off the remaining balance when the promotional rate ends.  Otherwise, you'll revert to the card's standard APR, with no guarantee that you'll be able to switch the balance to another 0% card.

Snorts

Thanks Ebe, We always have one just incase of sudden large purchases ie washing machine breaking and then pay off as quickly as we can. Thanks for help!

Ebe_Scrooge

Snorts said:

Thanks Ebe, We always have one just incase of sudden large purchases ie washing machine breaking and then pay off as quickly as we can. Thanks for help!

OK, that's fair enough.  Just be aware that a 0% purchase card will have a time limit on qualifying purchases.  Some will give you 0% on all purchases made within the first 90 days, for instance, some will give you 0% on purchases made for the duration of the promotional offer.  So if the offer is for 18 months, and you make a purchase in month 16, you'll get 2 months interest free.  So the only downside of getting a card now - "just in case" - is that you may find the promotional period has expired when the time comes that you want to use it.

Fighter1986

And of course if you use a price comparison tool from someone like Moneysupermarket, they'll perform a soft search of your credit file and give you an estimate of who's most likely to approve you based on your current credit history (inc. that recent application).

maxximus75

Have you spoke to the credit card provider and explained that you have applied for the wrong product?  Maybe they will let you change it for a different product that may suit your needs, better? 

It's a long shot but maybe worth a call?