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Balance Transfers - Did I jump too soon?

in Credit cards
4 replies 311 views
Hi all,
This may sound a very silly scenario and as I'm still finding my way with credit cards as I've never really bothered with them and have usually paid debit for almost all purchases but used a credit card for those things that have fell before the next pay day. 

On my previous card I had around £1200 to pay off and my promotional interest rate finishes in 2 weeks. On pay day I'd have been able to pay it off in full but my pay day isn't till the middle of the month. So I opted to do a balance transfer to another card provider and have just been accepted but having looked over the terms on purchases at 0%, they're only valid for 60 days which isn't exactly ideal as I only use a credit card in a 'tight spot' purchase before paying it off in full on payday. 

My question is, after I've paid off the outstanding balance for this new card I'm on could I potentially close the account and shop again for a better card or should I see what else they could offer me? I'm conscious of the impact this could have on my otherwise great credit score.
I feel a bit silly having done this but I never like having any form of debt round my neck! 

Replies

  • edited 26 February 2021 at 5:02PM
    zx81zx81 Forumite
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    edited 26 February 2021 at 5:02PM
    As long as you BT within the 60 days, you'll be ok.

    No need to cancel the other card. Any change in your pretend credit score can be ignored, as long as you're not increasing your debt.
  • eskbankereskbanker Forumite
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    So I opted to do a balance transfer to another card provider and have just been accepted but having looked over the terms on purchases at 0%, they're only valid for 60 days which isn't exactly ideal as I only use a credit card in a 'tight spot' purchase before paying it off in full on payday.
    If you only use your card in that way then the terms of any promo period don't matter as you'd never pay any interest anyway, but if that's the case then how did you end up having a balance to transfer?
  • InplanesightInplanesight Forumite
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    Thank you both for the responses eskbanker said:
    So I opted to do a balance transfer to another card provider and have just been accepted but having looked over the terms on purchases at 0%, they're only valid for 60 days which isn't exactly ideal as I only use a credit card in a 'tight spot' purchase before paying it off in full on payday.
    If you only use your card in that way then the terms of any promo period don't matter as you'd never pay any interest anyway, but if that's the case then how did you end up having a balance to transfer?
    I was ready to pay off the remainder but my car didn’t pass it’s MOT and the garage pulled my proverbial pants down..to the tune of around £820! (Won’t be going there again!) I do suppose the car is a bit old but I can never justify having a drivable mortgage eg HP/PCP deals!
  • eskbankereskbanker Forumite
    22.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Thank you both for the responses eskbanker said:
    So I opted to do a balance transfer to another card provider and have just been accepted but having looked over the terms on purchases at 0%, they're only valid for 60 days which isn't exactly ideal as I only use a credit card in a 'tight spot' purchase before paying it off in full on payday.
    If you only use your card in that way then the terms of any promo period don't matter as you'd never pay any interest anyway, but if that's the case then how did you end up having a balance to transfer?
    I was ready to pay off the remainder but my car didn’t pass it’s MOT and the garage pulled my proverbial pants down..to the tune of around £820! (Won’t be going there again!) I do suppose the car is a bit old but I can never justify having a drivable mortgage eg HP/PCP deals!
    Fair enough - I was taking the bolded wording at face value and hadn't realised that you actually meant that you usually pay it off in full.
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