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    • Haands
    • By Haands 12th Jan 18, 3:45 PM
    • 1Posts
    • 0Thanks
    Incorrect card
    • #1
    • 12th Jan 18, 3:45 PM
    Incorrect card 12th Jan 18 at 3:45 PM
    Hi. I successfully applied for a 33 month 0% balance transfer card in the hope that I could transfer a credit card balance and also athe balance of a bank loan. I've been told that with the particular card i've received I can not transfer the bank loan and would need a card with a facility for money transfer. Can I now cancel the new card and reapply for another credit card which allows me to do a money transfer (as well as pay off my other credit card) without it affecting my credit score?
    Grateful for any advice.
Page 1
    • zx81
    • By zx81 12th Jan 18, 3:52 PM
    • 17,287 Posts
    • 18,403 Thanks
    • #2
    • 12th Jan 18, 3:52 PM
    • #2
    • 12th Jan 18, 3:52 PM
    You don't have a score. Just credit history.

    You have 14 days to cancel the card but the search will remain on your history. Some lenders may be concerned that you are applying for more credit than you can handle - others may not.

    I suggest you try an application before cancelling the card you have.
    • molerat
    • By molerat 12th Jan 18, 3:53 PM
    • 18,812 Posts
    • 12,996 Thanks
    • #3
    • 12th Jan 18, 3:53 PM
    • #3
    • 12th Jan 18, 3:53 PM
    Your "credit score" and your file will be affected by both the search and the credit limit of the card you have. Until that card shows as settled or removed from your history by cancelling it within the cooling off period it may still affect your ability to obtain any further credit. The only way to find out how it is affecting you is to apply for another card now and if you don't get it wait for around 6 months before trying again. You could always transfer the card balance anyway.
    • Kim_13
    • By Kim_13 12th Jan 18, 4:10 PM
    • 1,901 Posts
    • 2,035 Thanks
    • #4
    • 12th Jan 18, 4:10 PM
    • #4
    • 12th Jan 18, 4:10 PM
    Your credit file will already have had the search applied to it for the card you have, so it may be best to use it to transfer the credit card balance and then get a money transfer card for the bank loan.

    There's no guarantee that a money transfer card would accept you with a high enough limit to do both, so keeping the 'incorrect' card will maximise your chances of getting all your debts onto 0%. You also won't be able to transfer the full credit limit of any one card, as lenders don't allow this so as to leave room in the limit for transfer fees etc.

    With regards to a money transfer card for the bank loan, this MSE guide on money transfer cards may help: . You'd do a money transfer to your bank account and then use that to clear the loan.

    Remember to pay at least the minimum on the card(s) each month as you will lose the 0% deals and have charges added if you do not. Set up a Direct Debit to do this. You should also check that your loan terms will allow you to repay in full at this time.

    If you're accepted for a money transfer card with a high enough limit to do both and it's cheaper to include the card balance in the money transfer, THEN cancel the 'incorrect' card (assuming you're happy with the 0% length on the money transfer also, otherwise it may be best to transfer the card to the one you've already opened instead.)
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    • chattychappy
    • By chattychappy 12th Jan 18, 11:05 PM
    • 6,812 Posts
    • 3,701 Thanks
    • #5
    • 12th Jan 18, 11:05 PM
    • #5
    • 12th Jan 18, 11:05 PM
    Agree with the advice given.

    Use the card you have to transfer the interest bearing CC balance. At the same time apply for a MT card and see how you get on.

    IF you can't get another CC but have enough limit left on your new BT card to take the loan, then do some maths.

    You would have just cleared the interest bearing card. Ask them if they can do any MT deals. If not, ask them what it will cost at standard rates. If they can't do it at all, then look at what cash advances will cost. Typically these will be 3% of the amount withdrawn plus interest from the date of transaction. You could look at getting enough cash to pay off the loan and then balance transferring to your new card. You will pay a cash advance fee, interest for a few days (you can keep that very small), plus the BT fee. So you might be paying 6% in total... how does the compare with what you are paying on the loan?

    Cards generally have a daily ATM cash advance limit - mine are all either 300 or 500. But with suitable ID you can often take more over the counter at a bank. Bear in mind that you might get a decline if the anti-fraud systems cough (but a phone call should fix that). Also some cards do not allow you take all your credit limit in cash. If you're very lucky you might have a "travel" card like Clarity or Santander Zero. If you do, they don't charge a fee at all, even in the UK.
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