Switching cc regularly

G

gilboy

Registered User
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178
Hi

Is there any issue folks are aware of with creating a CC account and carrying over existing loan to a CC provider, availing of the interest free period(6 or 9 months), then switching to next provider etc. before this period expires.

Could easily get 3 year interest free loan

BTW If you have 2 different cards in the 1 year, you only have to pay stamp duty for 1 of them

Gilboy
 
You can switch CC as often as you like (and not just twice) in any year and avoid paying SD more than once as far as I know.

One problem here could be that you cannot be certain a priori that any particular card provider will necessarily accept your application for a card. Also if you are using the card for other purposes/transactions then check the terms & conditions of the interest free periods as some may only waive interest if you don't make further transactions until the balance is cleared.
 
I am currently in the process of switching again which is why I was asking. This is my 5th card, just use it purley for the purpose of the loan(i.e. don't perform any other transactions on it) and make a payment each month which is deducted straight from the principal.

Was just checking to see how common a practise this it.

BTW never refused a card by any CC provider yet
 
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