How do balance transfer cards work in practice?

in Credit cards
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bringingitbringingit Forumite
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Part of the Furniture 10 Posts Combo Breaker
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.

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?


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