Closing old account when switching question.

Bua

Can someone help me with a question. When switching to Nationwide and closing the old account, is my old bank likely to close my credit card account with them? I've been long term sick since a couple years after taking out the card. I only use enough of the credit limit each month to help with my credit score, and pay it all off the following month. I have tried googling to no avail, and have no idea if any of this would affect my credit card account if I took Nationwide up on their offer to switch to them and close my other account.

Thanks.

Mark_d

The current account switch service will only close your old current account

Bua

Sorry I'm referring to my old bank closing the card after I switch, who I have the card and account with.

Robin9

Your CC is independent of your current account and will remain open.

What you do have to watch is how you pay off your CC . Does it get automatically get get it paid off by a transfer from your current account?

Zanderman

No. A current account switch does exactly what it says. Switches your current account.

If you have other products, like credit cards, with the original bank those will stay there. 

As they aren't current accounts, and so won't be switched.  And not closed either.

PRAISETHESUN

The only caveat is that some banks require you to maintain a current account in order to hold their credit cards - you'll need to check the full T&Cs of your CC to know for sure.

Otherwise the situation is as described above. Only the current account you nominate to switch will get moved. All other accounts, even including other current accounts at the same bank, will remain unaffected.

WillPS

PRAISETHESUN said:

The only caveat is that some banks require you to maintain a current account in order to hold their credit cards - you'll need to check the full T&Cs of your CC to know for sure.

Which banks, please? There are some which need you to have a current account or other eligible products in order to apply (Nationwide, First Direct, Co-operative Bank, Santander) and some which are uncompetitive if you don't get a fee waiver for holding a current account (Natwest/RBS Reward).

I'm not aware of any which require a current account to be held in order to continue being eligible for an already open credit card, though.

Bua

WillPS said:

I'm not aware of any which require a current account to be held in order to continue being eligible for an already open credit card, though.

Thanks for clarifying this for me.

PixelPound

I've a TSB credit card that stayed open when I switched the current a/c away five years ago, it was still there when I switched back to TSB last year and will still be there when my current switch out completes.

Completely separate. 

lr1277

I know you haven't mentioned this, but the other caveat is if you have a linked savings account at the bank fom which you are transferring out your current account. Some banks only allow money to be moved from the savings account to the current account at the same bank.

If the above rule applies, ensure you close the linked savings accounts at the bank where your current account is held before starting any transfer. Assuming you put the money in the current account, once the account is transferred, then open a savings account at your new bank.