How likely to get another transfer card once 0% runs out on first? 2 September 2022 at 1:33PM in Credit cards 1 reply 124 views

jordan1985

Hi

New to balance transfer type cards, so abit unsure on the liklyhood of this panning out as I hope.

I've got a high credit score (in the top 'excellent' band of the Credit Club Dashboard), and I'm looking to get a 0% money transfer card to shift some debt onto to save interest and charges.

My question is, if at the end of the 0% period, say 16 months, its still not paid off completely (though that of course is the aim), whats the liklihood of being able to get a new credit transfer card to transfer onto another 0% rate?

I know nobody can predict the future and everyone cercumstances are unique, but whats the general outcome. Do banks refuse new cards so soon after the last one, do they need more time between new cards etc?

I dont expect my credit rating to fall much from taking the initial money transfer card, and dont expect anything else that would negatively affect it in the next few years ((except for of course things out of our control).

Any direction would be much appriciated.

Ebe_Scrooge

jordan1985 said:

I've got a high credit score (in the top 'excellent' band of the Credit Club Dashboard), a

Your score means nothing, and plays no part in any lending decision.

jordan1985 said:

I'm looking to get a 0% money transfer card to shift some debt onto to save interest and charges.

Make sure you know the difference between Money Transfer and Balance Transfer.  The former deposits money into your bank account for you to spend as you wish, the latter transfers an existing balance from another credit card.

jordan1985 said:

My question is, if at the end of the 0% period, say 16 months, its still not paid off completely (though that of course is the aim), whats the liklihood of being able to get a new credit transfer card to transfer onto another 0% rate?

All other things being equal you should be able to get another 0% deal - though with a different lender, it's unlikely your existing lender will offer you another deal.  This assumes that your credit status is largely unchanged from when you took out the original card, and that the global financial situation remains fairly steady.  This is going to be the killer.  Who can tell what will happen?  Lenders tightened their belts significantly when Covid hit, and credit in general was much harder to come by.  Thankfully the worst of that seems to be behind us - but there's other financial worries brewing up, what with Russia and energy prices and what-not.  This may mean lenders get even more reluctant to lend.  I'm not an economist, but who knows what will happen?

Bottom line - your really should aim to pay off your card by the time the promotional rate expires, don't bank on being able to get another one to shift any remaining debt to.