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  • FIRST POST
    • jameskane
    • By jameskane 11th Aug 18, 1:38 AM
    • 3Posts
    • 0Thanks
    jameskane
    What happens to my old credit card after a balance transfer?
    • #1
    • 11th Aug 18, 1:38 AM
    What happens to my old credit card after a balance transfer? 11th Aug 18 at 1:38 AM
    hi guys

    Im looking into doing a balance transfer and was wondering what happens to the original card?

    My understanding is that your debt goes to another credit company company, from which you have a certain amount of time with a lowered interest rate to pay it back. But what happens to the original card?

    Does it get closed or cancelled? Or is the balance back down to zero again and I could still use it if I wanted to?

    Thanks
Page 1
    • jameskane
    • By jameskane 11th Aug 18, 2:16 AM
    • 3 Posts
    • 0 Thanks
    jameskane
    • #2
    • 11th Aug 18, 2:16 AM
    • #2
    • 11th Aug 18, 2:16 AM
    also sorry if these are completely stupid questions

    I couldnt find any answers on the net and came here after I got frustrated
    • Willing2Learn
    • By Willing2Learn 11th Aug 18, 4:09 AM
    • 738 Posts
    • 578 Thanks
    Willing2Learn
    • #3
    • 11th Aug 18, 4:09 AM
    • #3
    • 11th Aug 18, 4:09 AM
    Hi jameskane and welcome to the forum.
    ... what happens to the original card?
    Does it get closed or cancelled?
    Originally posted by jameskane
    It remains open.
    Or is the balance back down to zero again and I could still use it if I wanted to?
    Originally posted by jameskane
    Assuming you've done a transfer balance, of the full balance, from the new card to the old card, then the balance on the old card will now be zero. The old card can be used again if you wanted.

    It is good to keep using the old card if you have good budgeting skills. You can do all your normal monthly shopping on the old card, then pay it off in full so that you incur zero interest. As long as you budget for it, then you will not be building any new debt.

    Edit: And these weren't stupid questions!!
    Last edited by Willing2Learn; 11-08-2018 at 4:13 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Gary_Dexter
    • By Gary_Dexter 11th Aug 18, 9:07 AM
    • 1,716 Posts
    • 986 Thanks
    Gary_Dexter
    • #4
    • 11th Aug 18, 9:07 AM
    • #4
    • 11th Aug 18, 9:07 AM
    The balance may not be zero on the old card as there may be trailing interest from carrying a balance - this will be added when the statement is produced.

    And you only get a lower or zero interest rate on the balanve transfer if that!!!8217;s one of the promos offered with the card.
    • Willing2Learn
    • By Willing2Learn 11th Aug 18, 11:13 AM
    • 738 Posts
    • 578 Thanks
    Willing2Learn
    • #5
    • 11th Aug 18, 11:13 AM
    • #5
    • 11th Aug 18, 11:13 AM
    The balance may not be zero on the old card as there may be trailing interest from carrying a balance - this will be added when the statement is produced.
    Originally posted by Gary_Dexter
    @OP - Trailing interest, or residual interest, is the interest accrued between the statement date and the day the balance was paid in full. Your balance should show as zero on the day the balance transfer goes through, but the trailing interest will be added to your account when the next statement comes. Just pay in full again, and that will be the end of the trailing interest.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Nasqueron
    • By Nasqueron 11th Aug 18, 11:46 AM
    • 5,206 Posts
    • 3,149 Thanks
    Nasqueron
    • #6
    • 11th Aug 18, 11:46 AM
    • #6
    • 11th Aug 18, 11:46 AM
    You do need to be careful of running up debt again on the old card, get in a habit of only buying what you need and paying off in full every month (perhaps have the card limit lowered) if you are think you will end up struggling to pay it off
    • scott_lithgows
    • By scott_lithgows 11th Aug 18, 3:39 PM
    • 1,369 Posts
    • 720 Thanks
    scott_lithgows
    • #7
    • 11th Aug 18, 3:39 PM
    • #7
    • 11th Aug 18, 3:39 PM
    Quite often your original card will send you offers for balance transfers.so if you have not managed to clear the debt on card2 in the promotional period,try and b/t the balance back to card1 for a promotional period
    I have a deep burning indifference
    • jameskane
    • By jameskane 12th Aug 18, 4:15 AM
    • 3 Posts
    • 0 Thanks
    jameskane
    • #8
    • 12th Aug 18, 4:15 AM
    • #8
    • 12th Aug 18, 4:15 AM
    thank you guys for your replies
    • Jlawson118
    • By Jlawson118 13th Aug 18, 12:12 PM
    • 908 Posts
    • 118 Thanks
    Jlawson118
    • #9
    • 13th Aug 18, 12:12 PM
    • #9
    • 13th Aug 18, 12:12 PM
    You account will remain open, but presuming you transfer 100% of the balance, your old account will stand at 0 as if you paid it off in full yourself
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