Credit Cards Question

jd_1984 | 08:55 Tue 12th Feb 2013 | Business & Finance

6 Answers

Forgive me if this is a deft question.....
I have a credit card that was 0% interest for 12 months, will have had it 12 months in June. I have almost paid the balance off and dont intend to use it after interest will be incured.
Can I chop it up, cancel it and then apply for the same credit card with the bank and get another 12months 0 % interest?? I think probably not. But I am sure I can apply for a different credit card that will give me the same deal, just not with my bank perhaps.

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dennisb66

Best Answer

For years i have always had the longest interest free period i can find,always pay it off by end of period and then cancel it.At the same time take out a new one with a different bank.Never pay interest or an annual fee is my motto. No Jd I don't think it will work with the same bank.

10:00 Tue 12th Feb 2013

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factor-fiction

If they have another offer on you can apply. You can quite easily get an offer elsewhere but remember that the old one may appear on your credit file for a while so you may not always get the credit limit you need from the new one

Old_Geezer

If one actually needs a large credit limit, or credit at all for that matter, then IMO that's a warning sign right there.

I suspect no harm in trying, can't see the same bank wanting a customer that does that to them though. Did they charge you an annual fee ?

jd_1984

Question Author

I only got my first credit card at 28 when I bought my first house, it was quite useful, had a limit of £2600 and always had it paid off. I guess I could live without it but the 0% offer is great providing you pay it all off within the year. I would hate to incur interest the APR's are too steep.

dennisb66