Cancelling Credit Cards after Balance free period

FrugalBear

Hi all I am a CC newbie and have tarted two cards so far to pay off some debt. My question is what is the best way to cancel a card which has a £0.00 balance on it that you no longer require. I am asking as I see an opportunity for all CC users to apply for a card again as a new customer after a period of time. For example use CC B to transfer debt from CC A for 12 months intrest free. Cancel CC A by contacting CC A bank. Apply for CC C & transfer debt from CC B. At the next ransfer if required you could apply to CC A again as a new or returning customer which may open all the CC A deals to you, e.g. 12 months 0% balance transfer etc.

Has anybody done this? What is the best procedure to cancel a card you no longer require?

FrugalBear - Be Frugal & you will always have a nest egg.

mrmajika

You should phone up to cancel any unused cards. At worst, they will cancel them for you and you will become eligible to re-apply as a new customer in 6 to 12 months, depending on the card.

Or better still, when you phone to cancel, they will offer you a 'retentions' deal which may be another 0% period or similar.