How long does it take for a credit card company to see me as a 'new customer' again?

12
Found 9th Aug
I ended up getting myself into quite a lot of credit card debt (£16,000) and I have sought out a loan from Natwest at 14.7% interest for 5 years. Having done the math, it still works out cheaper to do this rather than pay the extortionate credit card interest rates over a longer period of time.

I have noticed (and used!) credit cards such as BarclayCard that have money transfer offers for 60 months interest free. I was hoping to use this to pay off a chunk of the loan, reducing the amount of interest I pay, and make payments towards both at the same time. However, this offer is for new customers only and as I already have a Barclaycard, I cannot go for it.

I was wondering, as I am planning on paying off my current Barclaycard fully, If I was to cancel the card, how long would I have to wait to be regarded as a new customer again, and take advantage of the offer? I have noticed a number of banks with similar offers on Money transfers (such as Tesco & Halifax) but again, as I have credit cards with these companies I cannot utilise their new customer offers.
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I don’t think using a credit card to pay off a loan is a good idea, it would be better to focus on either getting a better loan rate or just knuckling down and paying it off. You can only keep moving debt around for so long, it’s a short term option and the quicker you deal with it the better off you’ll be!!
Edited by: "cmdr_elito" 9th Aug
To answer your question, just because you clear the card doesn’t mean you aren’t a customer, you actually have to close the account and wait a good while before you can go back as a new customer. Probably 6-12months.
Definatley have to close the account 1st. Make sure as soon as is cleared and is atleast 6 months, some 12. Just ask individually.

Don't no how to pm on here, but have you been accepted for the loan? Will it clear all the debt? And is all the debt on the barclycatd? Can you realistically afford repayments? Do a check for eligibility before you apply for any more credit.
Do the loan and don’t touch any other credit! Then over pay on your loan, it will clear it sooner and reduce the total interest amount paid.
Shifting debt about, especially a credit card is a slippery hole. What happens if you screw up. Max the cards and still have the loan to pay off? Credit cards are too easy to abuse. Walk away and learn from it. At 14.7% interest in the loan, I’d say your lending power is pretty low anyway.
Consolidate now and in a couple of years, maybe try and get a loan on a lower rate to clear the existing one, with no extra and reduce that way.
As oneday says, concentrate on the loan. If a company does a credit check when you apply for a new credit card, they are going to take that loan into account as to how affordable a new card is. You probably wouldn't get a very high limit. Also, and I'm not saying you would, I've worked in finance for many many years and people take out these balance transfers with the intention of paying them off in the interest free period but they don't and just get deeper into debt.
First step is to stop thinking about credit cards full stop they might be cheaper in some ways but they allow more debt to be taken out. Go for the loan, regular monthly payment and again stop using the cards. You could try speaking with the card company and doing a payment plan they should to be helpful years ago but no idea now.

On your your other question it’s 12 to 18 months before you are seen as a new user each company is different.
When I graduated I wanted to clear my students debts off at the time barclay card told me I couldn’t move onto any of the interest free offers as I was an existing customer and not entitled to it. Anyway I went ahead and did the online application for the new card with interest free period, I got accepted and still havetwo barclaycards.
Edited by: "samosa" 9th Aug
on the subject of credit cards, when i thought applied for tsb, first card, i got high interest, i always pay every month, do i auto get low interest or have to apply for new interest
Pricklerickle11 m ago

on the subject of credit cards, when i thought applied for tsb, first …on the subject of credit cards, when i thought applied for tsb, first card, i got high interest, i always pay every month, do i auto get low interest or have to apply for new interest


when you say you always pay each month, that's the bare minimum they expect. Do you mean you pay in full each month? If so, the interest rate is irrelevant because you won't pay any. If you've maxed the card out and are only making minimum repayments however, you're more of a financial risk and are likely to be charged higher interest. The interest rate is at the discretion of the provider. Some have many rates, others don't.
psychobitchfromhell34 m ago

when you say you always pay each month, that's the bare minimum they …when you say you always pay each month, that's the bare minimum they expect. Do you mean you pay in full each month? If so, the interest rate is irrelevant because you won't pay any. If you've maxed the card out and are only making minimum repayments however, you're more of a financial risk and are likely to be charged higher interest. The interest rate is at the discretion of the provider. Some have many rates, others don't.


pay in full, i just in future when i can't do that, i might get offered good rates or for loans, just getting my credit good, just want go
od credit rewards for paying in full 🤡
Pricklerickle9 m ago

pay in full, i just in future when i can't do that, i might get offered …pay in full, i just in future when i can't do that, i might get offered good rates or for loans, just getting my credit good, just want good credit rewards for paying in full 🤡


It is lender specific.If you have a good track record, you are more likely to be offered better deals. If you have a large purchase in mind you know you aren't going to be able to pay off in one go, it might be worth looking at some of the 0% balance transfer offers. If you think you are going to be putting general spend on a card and you can't afford to pay it back each month, you could be heading for serious trouble.
psychobitchfromhell7 m ago

It is lender specific.If you have a good track record, you are more likely …It is lender specific.If you have a good track record, you are more likely to be offered better deals. If you have a large purchase in mind you know you aren't going to be able to pay off in one go, it might be worth looking at some of the 0% balance transfer offers. If you think you are going to be putting general spend on a card and you can't afford to pay it back each month, you could be heading for serious trouble.


i only got credit card as i didn't have no credit score, but quite handy i find out for shopping and internet, i only use it for Very small amount 🤖
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