How do balance transfer cards work in practice?

67 Posts


in Credit cards
Hi, I’ve never used a balance transfer card before. I understand the principle, but how does it work in practice? Specifically, what happens to the first card - is it closed or is it still usable?
As an example, let’s say I have a Barclaycard with a £9,000 balance and £10,000 credit limit. I open a Halifax balance transfer card, with a £12,000 credit limit that charges 3% on transfers.
As an example, let’s say I have a Barclaycard with a £9,000 balance and £10,000 credit limit. I open a Halifax balance transfer card, with a £12,000 credit limit that charges 3% on transfers.
I transfer my full balance, so I owe £9,270 to Halifax and need to make at least min payments. Does my Barclaycard stay open, with £10,000 available, or does to have to be closed?
0
Latest MSE News and Guides
Replies