Balance Transfers - Did I jump too soon?
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Inplanesight
Posts: 4 Newbie
in Credit cards
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!
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!
0
Comments
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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.2 -
Inplanesight 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.0
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Thank you both for the responses eskbanker said:Inplanesight 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.0
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Inplanesight said:Thank you both for the responses eskbanker said:Inplanesight 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.0
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