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    • Bonus Abusing Baracus
    • By Bonus Abusing Baracus 18th Nov 19, 4:41 PM
    • 82Posts
    • 80Thanks
    Bonus Abusing Baracus
    cancel a card and start again?
    • #1
    • 18th Nov 19, 4:41 PM
    cancel a card and start again? 18th Nov 19 at 4:41 PM
    Hi

    I was looking at the best money transfer cards (MBNA, Virgin, Tesco) & unfortunately I've got them already (MBNA with a balance on it, others now clear).

    I might need to borrow some cash again in the near future & these cards seem to be a cost efficient way to do so.
    If I cancelling the Virgin/Tesco ones & reapply would I be likely to get the new customer offer? Has anyone done this sort of thing before? I couldn't see anything about it in their eligibility criteria, and my credit score is as good as it can be.

    Or is there any case for ringing them and haggling? Am guessing their existing customer rates are worse for a reason.

    Any advice appreciated

    Cheers
Page 1
    • Ben8282
    • By Ben8282 18th Nov 19, 4:45 PM
    • 4,353 Posts
    • 2,397 Thanks
    Ben8282
    • #2
    • 18th Nov 19, 4:45 PM
    • #2
    • 18th Nov 19, 4:45 PM
    How about simply obtaining a new card from a different provider?
    You mention borrowing some cash. Does that mean you are looking only for a money transfer card?

    Ringing them and haggling will probably not get you any better existing customer offers than you are being offered currently.

    There will certainly be a waiting period before you can re-apply and be considered a new customer should you cancel the cards.
    • zx81
    • By zx81 18th Nov 19, 4:46 PM
    • 24,373 Posts
    • 27,174 Thanks
    zx81
    • #3
    • 18th Nov 19, 4:46 PM
    • #3
    • 18th Nov 19, 4:46 PM
    6 months is fairly standard for new customer status. Your credit score isn't a factor in lending, so you need to meet their current acceptance criteria.

    You are unlikely to negotiate a new offer as there is no income for them, unless there is a BT fee.
    • Gary_Dexter
    • By Gary_Dexter 18th Nov 19, 5:11 PM
    • 6,983 Posts
    • 4,645 Thanks
    Gary_Dexter
    • #4
    • 18th Nov 19, 5:11 PM
    • #4
    • 18th Nov 19, 5:11 PM
    What does "borrow some cash" mean?

    Are you living beyond your means? No emergency funds/savings?
    • Bonus Abusing Baracus
    • By Bonus Abusing Baracus 18th Nov 19, 5:15 PM
    • 82 Posts
    • 80 Thanks
    Bonus Abusing Baracus
    • #5
    • 18th Nov 19, 5:15 PM
    • #5
    • 18th Nov 19, 5:15 PM
    thanks all
    Yes - was only looking at money transfers and don't seem to be any other 0% money transfer providers that I can see
    Borrow some cash means borrow some cash; mortgage/bills are getting paid, money is getting saved, but have a possible a short term need for more cash that I have saved in order to buy a family member out of an property investment we share. Other option is sell.
    I guess I am looking at a 6 month wait - best time to cancel would have been 6 months ago, 2nd best time being now that I realise I suppose.
    • Ben8282
    • By Ben8282 18th Nov 19, 5:20 PM
    • 4,353 Posts
    • 2,397 Thanks
    Ben8282
    • #6
    • 18th Nov 19, 5:20 PM
    • #6
    • 18th Nov 19, 5:20 PM
    A word of caution. Don't assume that you will be accepted for another card by the same providers. Don't assume that you will be given the same (or higher) credit limit. Especially the second caution.
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