CC Balance Transfer - any requirement to close other CC a/c?

[michaelm]

Has any AAMer reading this, whom has completed a balance transfer to a new credit card, been compelled by the issuer of a new card to close the old account as part of the transfer process? I would like to park an outstanding balance at 0% for the summer but retain my old card as it is tied into a few travel & accommodation bookings.

 

[conor_mc]

Has any AAMer reading this, whom has completed a balance transfer to a new credit card, been compelled by the issuer of a new card to close the old account as part of the transfer process? I would like to park an outstanding balance at 0% for the summer but retain my old card as it is tied into a few travel & accommodation bookings.

Nope, shouldn't be a problem.

Just moved my card to Ulster Bank and have yet to close the previous card a/c.

 

[Marion]

Hi conor mc

Just moved my card to Ulster Bank and have yet to close the previous card a/c.

Unless you want to keep the older card, you should cancel it immediately. The cut off date for stamp duty for the period 2006 - 2007 is tomorrow. If you don't need the older card check if you can pay off the balance today or tomorrow at the latest to avoid paying stamp duty next year.

If you decide to close the account today you will have to pay the balance owing + stamp duty for the period April 02 2005 - April 01 2006 and you must ring your credit card provider to tell them that you are closing your account. If you intend closing the account you should act immediately.


Marion