CreditCards Blog

I've just been accepted online for a Barclaycard Simplicity card, which I'm hoping to BT some of my debts from 2 higher rate cards over to (in particular a nasty MBNA card that about to go up to 31.9%APR in Jan!!).

However, I have 2 questions:-

1 - If (as is likely) Barclaycard offer me a very low credit limit, should I bother with a BT at all?

2 - If I do get a limit that is useful and successfully clear the MBNA, should I cancel the account, or keep it open in the hope that they may offer 0% BT deals in the future to encourage me to use it again?

Thanks!!

1 - If (as is likely) Barclaycard offer me a very low credit limit, should I bother with a BT at all?

2 - If I do get a limit that is useful and successfully clear the MBNA, should I cancel the account, or keep it open in the hope that they may offer 0% BT deals in the future to encourage me to use it again?

(1) Barclaycard generally give lower limits that MBNA so this is highly likely to happen. But any debt at 0% is better than paying interest so transfer as much as you can to the 0% deal.

(2) MBNA are well known for excellent existing customer deals, so my advice is to keep it open and NOT close it down. Others may disagree.

Thanks for the reply - Barclaycard came through after all - 4800 limit at 6.8%. I'll be transferring the MBNA debt this week :0)

Thanks for the reply - Barclaycard came through after all - 4800 limit at 6.8%. I'll be transferring the MBNA debt this week :0)

Excellent News. Well Done :beer:

Thanks for reporting back.