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Does a balance transfer cancel the old card?
GoldenOne
Posts: 1 Newbie
in Credit cards
So I was looking at getting a balance transfer card and transferring the balance on my Amex to it.
I don't NEED it, I can pay my Amex off fine, but being able to delay this for about 12 months would be very beneficial. Paying it off before the 0% period won't be an issue.
What I'm concerned about though, if I do a balance transfer to clear my Amex, will that then cancel/close my Amex? Or will it stay open just with a 0 balance?
Thanks!
I don't NEED it, I can pay my Amex off fine, but being able to delay this for about 12 months would be very beneficial. Paying it off before the 0% period won't be an issue.
What I'm concerned about though, if I do a balance transfer to clear my Amex, will that then cancel/close my Amex? Or will it stay open just with a 0 balance?
Thanks!
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Comments
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Hi and welcome to the forum GoldenOne
If you want to do a balance transfer from an AMEX to another card issuer, there is a chance the BT may fail. This is because Amex uses a 15-digit long number and not the usual 16-digit. Ring the issuer with whom you want to do the BT to first, so that you can confirm whether their system are able to process a BT from a 15-digit Amex card.
As for your question. The Amex card would remain open after a successful BT.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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The Amex card will just see a payment of your balance, they won't even know you did a BT unless they really looked into it, they won't close it, no.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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No it won’t close the account.
What card is it - you cannot BT from a charge card.0
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