Balance Transfer Question
Options
Frustrated_1
Posts: 4 Newbie
in Credit cards
I’m in the process of repairing my credit, and currently have two credit cards, a Luma card from when things were really bad, and a Capital One card from more recently.
I have always paid both off in full monthly and never paid interest.
Recently my last month’s expenses at work were higher than normal and I ended up with £1300 across both cards. This coincided with a house move, and I had been curious about whether I may be eligible for a better card. I applied for a Lloyds card, and requested a balance transfer for the full amount, which was accepted.
The new card is on its way to me, but to be honest I now have the money to clear my debt and things aren’t tight. Is it possible to cancel a proposed balance transfer and just keep the new card?
I guess since it’s 0% for 18 months, the sensible option would probably be to put the money in savings for 18 months and pay in full at the end, however I don’t want the balance affecting my credit rating.
Thoughts? Thanks very much
I have always paid both off in full monthly and never paid interest.
Recently my last month’s expenses at work were higher than normal and I ended up with £1300 across both cards. This coincided with a house move, and I had been curious about whether I may be eligible for a better card. I applied for a Lloyds card, and requested a balance transfer for the full amount, which was accepted.
The new card is on its way to me, but to be honest I now have the money to clear my debt and things aren’t tight. Is it possible to cancel a proposed balance transfer and just keep the new card?
I guess since it’s 0% for 18 months, the sensible option would probably be to put the money in savings for 18 months and pay in full at the end, however I don’t want the balance affecting my credit rating.
Thoughts? Thanks very much
0
Comments
-
Let it go through so as to avoid confusion and error. The you can clear it if you want.
If you have a poor credit history, it's probably wisest not to carry debt and just use the cards regularly and clear in full.0 -
That’s probably wisest, thanks.
So can I pay off my existing card myself and contact the bank to cancel the balance transfer? They have already issued the card but I wasn’t sure if it was issued based on them getting that balance0 -
If you are paying a fee for the BT then I would ring them and ask.
If there is a £0 fee then I wouldn't bother. Just pay it off when it hits the new card.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards