# swtiching Credit Card



## polly_wolly (8 Jan 2008)

i am currently with AIB, and owe €5,500 on a €4,800 limit. i am struggling to get this balance down, so am wondering would changing card to maybe a bank of scotland card, where i have 6 month interest free and then a lower interest rate(9.6% i think, compared to AIB 16%). what do i have to do to change card, are there penalties incurred and is it as simple as contacting bank of scotland and applying for a card??? would they take over the existing balance on my current card


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## ClubMan (8 Jan 2008)

polly_wolly said:


> i am currently with AIB, and owe €5,500 on a €4,800 limit.


Eh? How did you manage to do that? Breach your credit limit?


> i am struggling to get this balance down, so am wondering would changing card to maybe a bank of scotland card, where i have 6 month interest free and then a lower interest rate(9.6% i think, compared to AIB 16%).


There are also low or 0% balance transfer offers from some card providers that may suit you. However check the terms & conditions as some of them may require that you stop making any transactions on the card in order to fully avail of the low/no credit period. 


> what do i have to do to change card, are there penalties incurred and is it as simple as contacting bank of scotland and applying for a card??? would they take over the existing balance on my current card


Yes - this is possible. Whether or not another card provider will accept you is another thing.

See the _Financial Best Buys _forum and www.itsyourmoney.ie for details credit card offers and cost surveys etc.

As part of this exercise you should identify and deal with the budgeting/spending habits that are landing you in debt to help you get out of this situation and ensure that it does not happen again.


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## Cherub (18 Jan 2008)

_ am wanting to change my credit card from Ryanair and not sure where to go. Have thought about Tesco and Ulster Bank. Maybe Clubman you have advice for me or anyone else that can recommend a good bank or CC provider._


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## ClubMan (18 Jan 2008)

See the _Financial Best Buys _lists for _CC _deals and the many existing threads about _CCs_, charges, features etc. And www.itsyourmoney.ie for their _CC _cost surveys. In my opinion if you are clearing your balance each month before interest charges kick in (as I think you should) then the interest rate charged on outstanding balances is largely irrelevant (even if it's the thing that most people/newspapers seem to focus on!) and one card is much the same as the next. On the other hand for travelling the foreign exchange margin charged on non € transactions might be important (starts at 1.75% but some cards charge more). Similarly some cards don't charge interest (just the usual transaction charges) on cash advances until the normal billing/credit period has elapsed (e.g. my _PTSB VISA_). And some cards offer a longer credit/billing period before interest is charged than others. And some offer 0% or low rate balance transfer introductory offers. And so on... So basically you need to look at the various features, charges, terms & conditions etc. and choose one that best suits your needs and priorities.


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## Cherub (19 Jan 2008)

Thanks Clubman for your helpful answer.


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## Cherub (22 Jan 2008)

Not sure between Ulster Bank and Tesco credit card! I am heading more for Tesco at the moment cos I feel they have better rewards from using the card. Has anyone used a Tesco credit card and if so what has been your experience with it?


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## Ciadan (13 Apr 2008)

I'd be interested to hear about people's experience with a Tesco cc too.  (I have a PTSB cc - clear the o/s amount every month).


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## SparkRite (13 Apr 2008)

> i am currently with AIB, and owe €5,500 on a €4,800 limit. i am struggling to get this balance down, so am wondering would changing card to maybe a bank of scotland card, where i have 6 month interest free and then a lower interest rate(9.6% i think, compared to AIB 16%). what do i have to do to change card, are there penalties incurred and is it as simple as contacting bank of scotland and applying for a card??? would they take over the existing balance on my current card


 
ABSOLUTLY Polly Wolly this is the way to go.
Avail of any card issuer that offers you a 0% introductery offer on balance tranfers and/or purchaces.
Its as easy a just filling in an application form.
I went with BOI Scotland, now trading as Halifax, 0% for six months and then 9.5%. No penalties incurred, just close your old CC acc. once the transfer has hit it.
Why pay interest when you can avoid it?


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## annemarief8 (15 Apr 2008)

yes but will anybody take you with a card that is over the limit? I have wondered about this myself.


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## effinjames (29 Apr 2008)

*Re: switching Credit Card*

Apologies for going slightly off the train of posts but I have decided to change my credit card from UB to Halifax. Halifax have told me that if I get a "Stamp Duty Excemption" letter from UB to say that I have paid the Stamp Duty for this year (April 2 2008 to April 1 2009), Halifax will not charge me for that period.

Here's the thing - while cancelling my card with Ulster Bank, they've told me that this request cannot be done via telephone, email or seemingly any other 20th or 21st century form of communication. I have to send a letter to the credit card department to request the letter.

I was wondering if anyone else has gone through this. I'm worried that Ulster Bank will delay and Halifax will then charge me the €30 stamp duty.


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## ClubMan (29 Apr 2008)

*Re: switching Credit Card*



effinjames said:


> I have to send a letter to the credit card department to request the letter.


So what's the problem? Just write the letter and be done with it...

Interestingly when you close a _Halifax CC _they send the letter in question out automatically.


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## qwerty? (29 Apr 2008)

*Re: switching Credit Card*



effinjames said:


> I was wondering if anyone else has gone through this. I'm worried that Ulster Bank will delay and Halifax will then charge me the €30 stamp duty.


 
AFAIK if Halifax do charge you the €30, they will refund it.

On a side note, I've just realised today that the Halifax CC Online banking is a joke. You get to see your balance from the previous month and nothing else.


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## Darando (29 Apr 2008)

*Re: switching Credit Card*



qwerty? said:


> AFAIK if Halifax do charge you the €30, they will refund it.
> 
> On a side note, I've just realised today that the Halifax CC Online banking is a joke. You get to see your balance from the previous month and nothing else.


 
This is the deal breaker for me - if they changed it then I would more than likely sign up for current account AND credit card. Seems backwards to only have the balance in online banking these days. I like to see transactions as they happen (i.e. on AIB) - i know you can still get paper staements but that way you still have to wait a month to see an unauthorised transaction!!!

Don't think they have any plans to change it either- daft!!!


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## qwerty? (30 Apr 2008)

*Re: switching Credit Card*



Darando said:


> Don't think they have any plans to change it either- daft!!!


 
Guy I spoke to yesterday in Halifax said they are working on it as we speak, should be up and running in a few months 

I hope so, or I'll be cancelling the card. BTW can I keep my free €100 they've just credited to my card?


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## Darando (30 Apr 2008)

Thats good news! Will keep an eye on it.

Qwerty? can you keep us inform when it happens as I think would switch then.. I will switch when I know for definite that its on offer rather than now and with the "we are working on it" line.


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## qwerty? (30 Apr 2008)

Will do.

I was planning on cancelling my old BOI credit card and using the Halifax card, but now I think I'll just keep the two, and not bother using the Halifax til it's functioning online. Even with the €30 tax, I'm still up €70...


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## Paul J (18 May 2008)

AIB have a new "click" credit card, with an APR of 8.5% which is not an introductory rate according to their website. 

[broken link removed]


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## kmepll (19 May 2008)

Got a Ulster bank cc last month for the 0% balance transfer also a Halifax for the same reason ,Spent 40 min on the phone activating and setting up the account with Ulster bank,5 min doing the same with Halifax.
Not impressed with ulster bank so onced cleared its cancelled.


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## irishpancake (19 May 2008)

Halifax seem to have increased their CC Interest Rate to 10.9% APR, see [broken link removed].

Not sure when this happened, as I try not to pay interest to CC if at all possible.


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## Colblimp (21 May 2008)

Hi folks.

I curently have a BOI CC and am looking to switch to take advantage of the 6 months interest free yoke which seems to be available on every new CC.  Any suggestions as to which CC to go for?


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## ClubMan (21 May 2008)

Check the _Financial Best Buys _forum and www.itsyourmoney.ie for the latest offers on _CC_ balance transfers etc.


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## Colblimp (21 May 2008)

Thanks ClubMan.


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## banchang (12 Aug 2008)

Ciadan said:


> I'd be interested to hear about people's experience with a Tesco cc too. (I have a PTSB cc - clear the o/s amount every month).


 
See my post here

http://www.askaboutmoney.com/showthread.php?t=84766

Stay away


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