Credit Card - Switching To New Supplier With 0% Offer

[JimboTheGiant]

Hi there guys

Just looking for some advice really. I have a credit card which I took out with HSBC with a 6 month 0% on purchases offer. This is now nearing the end of its 0% period and I am looking to move the balance to a new card which has a 0% on balance transfers for 12 months offer.

What i need to know is how do i go about it? Do i apply for the new card as normal, and then when i get the forms through just fill out the balance transfer information with the details of my current one? Then the new supplier sends the money to my old one and I can then cancel it?

James

 

[TheKnat]

I think it works like that. Don't forget that most CC companies will charge you something like 10% of the outstanding balance as a handling fee

 

[JimboTheGiant]

Thsnks, i thought that was how it worked

Yeah, i've looked into that. Its a 2.5% fee for moving the balance to the new supplier, and as the amount on it is less than a £1000 its not too bad.