Whats involved in changing CC company?

311

Hello ,I got my first credit card in April 2007.(MBNA)

I recently read a few threads about the high cost of mbna charges ,so I thought maybe I'd change to my own bank for a credit card.

If I was to do this ,is there much trouble in doing so?

pow wow

Well you don't exactly change from one to the other, you close one and open another. It's relatively easy, though keep in mind you'll have to pay two lots of stamp duty because you had two cards during the year.

311

Maybe I should wait till march so.

I plan on having my card cleared by next month ,but what exactly is a balance transfer ?.
Does your new card company pay your existing ,credit card bill ?

Sangre

get a card that offers a balance transfer (most do). the new CC company will transfer any funds owing on the old one automatically to your new card so its as if you've only ever had one card. Often the money transferred to new card will be on new special balance transfer rate e.g. 0% or whatever for 6 months. Just forget about old bills once its done and start paying off new card as normal.

You wouldn't be liable for double stamp duty.

311

Thanks sangre:)

Colonel Sanders

when you close the first card account you will be charged the 40 stamp duty for 2007/08. However you can get a letter from MBNA saying you have paid for this period and you will not be charged next april.