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1. • May do more harm than good

     • Canceling your balance transfer card after paying it off may do more harm than good. It has the same effect as canceling your old credit card. If your balance transfer card does not come with fees, keep it active. You can also request a credit card upgrade with your bank.
     www.moneygeek.com/credit-cards/balance-transfer/advice/what-happens/

     What Happens After a Credit Card Balance Transfer? - MoneyGeek

2. People also ask

   Should you close a balance transfer credit card?

   • If you no longer need a balance transfer credit card, you could close the card to reduce any temptation to spend. Just try to avoid closing lots of credit cards in a short space of time, as this can affect your credit score. Can you afford to build your savings?

   What To Do At The End Of A Balance Transfer – HSBC UK

   www.hsbc.co.uk/credit-cards/what-to-do-end-balance-transfer/

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   What happens if you transfer a credit card balance?

   • If you transfer the total amount owed on one credit card to another card, your balance falls to £0. That doesn’t mean the account closes automatically, though. Here’s what you need to know. What happens to your account once you pay off the balance?

   What happens to your old credit card after a balance transfer?

   www.uswitch.com/credit-cards/guides/what-happens-to-your-old-credit-card-after-a-balance-transfer/

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   What should I do if I don't need a balance transfer credit card?

   • If so, review the terms of your balance transfer credit card. You may find another type of credit card is more suitable. If you no longer need a balance transfer credit card, you could close the card to reduce any temptation to spend. Just try to avoid closing lots of credit cards in a short space of time, as this can affect your credit score.

   What To Do At The End Of A Balance Transfer – HSBC UK

   www.hsbc.co.uk/credit-cards/what-to-do-end-balance-transfer/

   See all results for this question

   Can I cancel a credit card if I clear my balance?

   • You can’t cancel a credit card unless you clear your balance in full. So, it's unlikely you'll be able to cancel a new balance transfer card unless you have a windfall that allows you to pay your debt off fast.

   What happens to your old credit card after a balance transfer?

   www.uswitch.com/credit-cards/guides/what-happens-to-your-old-credit-card-after-a-balance-transfer/

   See all results for this question

   Can you get a balance transfer credit card if you have bad credit?

   • While many of the best deals will only be offered to those with 'good' credit scores, you may still be able to get a balance transfer credit card if you have a poor credit score. However, it’s likely the 0% interest term will be shorter, and the credit cards will usually have a higher APR.

   8 things you need to know about balance transfer credit cards

   www.which.co.uk/news/article/8-things-you-need-to-know-about-balance-transfer-credit-cards-aRirT7Q1jdKn

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   Can I cancel my old credit card if my balance is transferred?

   • Your old credit card will remain active even when your balance has been transferred. You can either continue using it or request that your old bank cancel the card. Don’t forget, your old card may have an annual fee or dormancy charge, so forgetting to cancel it could cost.

   Does a balance transfer credit card close my account? | finder UK

   www.finder.com/uk/credit-cards/balance-transfer-credit-cards/managing-balance-transfer-credit-card

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3. www.moneysavingexpert.com › news › 2021Martin Lewis: 'If you can't afford to clear your credit card ...

   www.moneysavingexpert.com › news › 2021

   • Cached

   Jul 6, 2021 · You can normally do the balance transfer as part of the application process, telling the provider which cards to pay off – if you don't do that you usually have a further 60 or 90 days to request it.

4. www.bankrate.com › credit-cards › balance-transferWhat happens to your credit card after a balance transfer?

   www.bankrate.com › credit-cards › balance-transfer

   • Cached

   Aug 22, 2024 · Although you may have opened a balance transfer card for the sole purpose of consolidating and paying off your debt, that new account won’t automatically close after you pay off the...

5. www.which.co.uk › news › article8 things you need to know about balance transfer credit cards

   www.which.co.uk › news › article

   Feb 6, 2023 · If you think a balance transfer credit card is right for you, take a look at what you need to know before you apply. Find out more: should I get a credit card? 1. You won't be able to transfer within the same company. Most balance transfer credit cards have exclusions when shifting debt from a credit card from the same financial institution.

6. Videos

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     Balance Transfer Cards 101: Everything You Need to Know

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7. www.hsbc.co.uk › what-to-do-end-balance-transferWhat To Do At The End Of A Balance Transfer – HSBC UK

   www.hsbc.co.uk › what-to-do-end-balance-transfer

   • Cached

   Most people who apply for a 0% balance transfer credit card do so to avoid paying interest on their debt. If you're coming to the end of your 0% balance transfer period and you haven't cleared your debt, here are a few things to consider.

8. www.uswitch.com › credit-cards › guidesWhat happens to your old credit card after a balance transfer?

   www.uswitch.com › credit-cards › guides

   • Cached

   Jul 12, 2024 · What happens if you cancel a new balance transfer credit card? You can’t cancel a credit card unless you clear your balance in full.

9. www.finder.com › uk › credit-cardsDoes a balance transfer credit card close my account? | finder UK

   www.finder.com › uk › credit-cards

   • Cached

   Jul 14, 2023 · Opening a balance transfer credit card doesn’t automatically close your old accounts. If your old card came with a monthly or annual fee, you should close the account to avoid paying fees for something you don’t use. Otherwise, there are pros and cons to keeping them open:

10. www.moneysavingexpert.com › news › 2022Martin Lewis: If you can't afford to clear your credit card ...

    www.moneysavingexpert.com › news › 2022

    • Cached

    Feb 1, 2022 · Can't afford to repay your credit card in full? In the latest episode of ITV's The Martin Lewis Money Show, the MoneySavingExpert.com founder tells borrowers that if they're paying interest on a card, they should try for a 0% balance transfer. Martin also provides tips on what to do if you're struggling with debt.