topic What happens to old card with a Balance Transfer? in Credit Cards

What happens to old card with a Balance Transfer?

Anonymous — Thu, 09 Jun 2011 21:14:45 GMT

Hi everyone.

I've had a credit card for about 10 years that is costing me too much interest now. I want to do a balance transfer to a credit union card that offers me a better rate. Question: Will my account at the 10 year card close? What happens to it once I pay the balance in full? I'm guessing that it just stays open and I leave it alone so I don't pay those high rates anymore. Please advise if this is right. Thanks.

The 10 year account, although the interest rate is high, is actually helping my AAoA - so I'd rather leave it alone than close it.

Re: What happens to old card with a Balance Transfer?

Anonymous — Thu, 09 Jun 2011 21:26:11 GMT

When the balance is transferred. the card will remain open unless you close it.

Re: What happens to old card with a Balance Transfer?

Anonymous — Thu, 09 Jun 2011 22:42:36 GMT

Good to know this for sure. Thanks.

Re: What happens to old card with a Balance Transfer?

Anonymous — Thu, 09 Jun 2011 23:10:22 GMT

You can now use as a PIF each month card and not pay any interest.

Re: What happens to old card with a Balance Transfer?

Anonymous — Fri, 10 Jun 2011 03:22:51 GMT

I recommend you have something auto-paid with that account (Netflix or something lol) and auto-pay the amount. No interest fee, microscopic utilization and the account won't be flagged for inactivity. The boss had an Amex Plat closed due to inactivity. Unbelievable.