Best way to apply for a new 0% interest purchase CC

numec

Hello, my current 0% purchase credit card period will end in July 2021 (Sainsburys) and I am looking at applying a new one from other bank. Now I have 2 credit cards and a good credit limit. Which is the best way to get a new 0% purchase card with best possible limit, by closing the Sainsburys first then apply new from other bank? or apply new credit card, then close the Sainsburys? I dont have to carry any balance, just would like to take advantage of the 0% but also wanting the best credit limit, so I dont want to apply 3rd credit card if it will reduce my chances of good credit limit.
Thank you in advance  

Swoosh84

Apply first then close if need be, closing will have a negative effect. Best check out MBNA's website first, they offer you an idea of what sort of credit limit they will offer you.

J

numec

Thanks for the recommendation. I am thinking to go for either M&S or HSBC, so would you think the MBNA site gives a good estimation of the credit limit or this is specific to their own products only? I understand different lender would be having different criteria.

funkycredit

M&S has an eligibility checker as does MBNA (which also tells you the limit); whereas HSBC does not so it's luck of the draw whether they'll approve or not, with a suitable limit or not. 

There's better than HSBC - Santander Everyday or even Tesco both have good products with offers for spending or transferring. Both will tell you eligibility and likely limit too. 

numec

Cheers, I will get on it then. I had 1 with HSBC (0% purchase) two years back. Hopefully it'll not be a problem as I am their existing customer too, but maybe go for M&S this time.

numec

numec said:

Cheers, I will get on it then. I had 1 with HSBC (0% purchase) two years back. Hopefully it'll not be a problem as I am their existing customer too, but maybe go for M&S this time.

oh just found out about llyods too, will have a think and decide which 1 to apply. thanks again

numec

hello, just updating this thread, i've got the lloyds 21months 0% (with 18% BT if required but at a fee, but I dont use this) approved. any suggestion to when should i close my sainsburys card? i will pay the balance anytime this month and it has a good limit but I dont feel like having 3 cards, so planning to close the sainsburys. thanks in advance

[Deleted User]

Unless you really don't trust yourself with the card, keep it open.

But if you think you'll get yourself into spending trouble, close it as soon as it's zero.

numec

Thank you. I think i will never going to use it since the APR will go to 29.95% starting from 3 Aug 2021. The only appeal now is the Sainsburys nectar points and I thought if we close them now, it will give me more options in the future say after 2 years, when I want to apply for a new card with them.

[Deleted User]

numec said:

Thank you. I think i will never going to use it since the APR will go to 29.95% starting from 3 Aug 2021. The only appeal now is the Sainsburys nectar points and I thought if we close them now, it will give me more options in the future say after 2 years, when I want to apply for a new card with them.

You only pay interest if you don't pay off the card in full every month, so the actual APR is irrelevant unless you were intending on borrowing and not paying it back in full

Brie

You could just keep the Sainsbury's card for your grocery shopping & perhaps petrol if you use that at the shop too to get the max on Nectar.  It might be interesting to see how much you spend at just the one place.  But yes pay it off in full each month.