Cancel Credit Cards??????

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.

CannyJock

Each card has something in it's T&C's saying how long you need to wait before applying for a new card.

But before cancelling the card to free up available credit, you should read the article that Clariman wrote on negotiating for a better deal: www.makesenseofmoney.co.uk/a_extend

Mum_of_3_3

Hi my partner has just done this with Mint.

His original Mint a/c was closed roughly 2.5 years ago and he recently applied to them to shift some debt to take advantage of the 0% BT rate they have.

He received the card no problem and the debt has now been transferred.

As to the question of cancelling a £0 bal card my partner just phones the company up and tells them he no longer requires the card and they then send a confirmation letter through. He has done this with Mint, LloydsTSB, Virgin & Capital One.

I owuld suggest that if you are going to try & effectively reopen an account then make sure there are no defaults etc on the original a/c.

HTH

M_o_3

kes75

I do this without canceling the cards. They always give you good offers after there is no balance on them for so long. SO I destroy the card till the 0% int runs out on one (so Iam not tempted to use it), then tranfer with the new offers theys end.