About to transfer my balance to 0%

A question about : About to transfer my balance to 0%

Hello!

I hope that this is not something already covered elsewhere but I am wondering if it might be prudent to let Natwest (whom I currently have a Mastercard with) know that I am about to perform a balance transfer, or that I am am looking to perform one.

Might this lead them to lower the interest rate permanently or offer some other opportunity as I am swapping from them to somewhere else?

This is the first balance transfer I will have undertaken and I am just a little wary of how it all works!

Many thanks and helloo!

Mindfull :-)

Best answers:

• Welcome!
  There's no harm is asking them if they'll reduce the rate but it's unlikely they'd put it to 0%, so if you already have a 0% alternative lined up that takes care of your entire Natwest balance then why wouldn't you just go ahead with the balance transfer as planned?
  If/when you do a balance transfer, you're under no obligation to tell your current provider, the process is automated, have a read of https://www.moneysavingexpert.com/cre...it-cards#video for more info....
• Make sure your direct debit (if you have one) is not set to pay large amounts on the old card either as they can take payment even after the BT is done leaving your account in credit
• Thank you so much!
  I think I might try ringing the bank first just as even though I've been offered 0% on purchases for 6 months with my new balance transfer card I've got a feeling any purchases will be paid off after my 0% balance is transferred (ie if I didn't pay off all of what balance I transferred before the 6months was up I would begin paying interest charges on my purchases.A very sneaky tactic I have heard of)
  Just thought maybe sometimes the bank might reduce your APR if you say you're looking elsewhere and then it might mean you have access to borrowing at a lower rate if you need it before you've paid off your transferred balance. The plan of course is to pay it all off as debt is debt but I just wondered if this was anything anyone had ever tried..bit like when you phone your mobile phone provider and they persuade you to stay with special offers.
  I suppose it doesn't quite work like that with banks but I thought if my bank think that I'm going to apply elsewhere they might try and hedge their bets by lowering my rate and then they might think they can at least get some interest out of me (even though I'd just move to the 0% anyway..)
  I suppose they might be able to check my credit file and see I've already got the other card tho so it might not work.
  Think I might try and then just see what they say. I'll post up what happens!
• Hello I don't really understand any of what's going on but very much need a question answering.
  I'm wanting to apply for another credit card to pay off my old one witch I believe is called a balance transfer, when it comes down to them asking me why I want this card, do I need to make something up or tell them it's to pay off another credit card ?
  Many thanks 😃😃😃