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Looking for a new credit card? Find out how to switch

Looking for a new credit card? Find out how to switch

If you’re looking to change your credit card, follow these simple steps:

  1. Compare credit cards to find the right match for you
  2. Check you’re eligible to apply
  3. Apply for the new card
  4. Close your old credit card account

How to switch credit cards

Whether you’re looking to take advantage of low interest rates or a good balance transfer deal, switching credit cards needn’t be a stressful experience. It can usually be done relatively quickly and could help you save money.

When considering changing your credit card, there are several routes to choose from. The best one for you will depend on your circumstances and financial needs.

 

Switching credit cards to a new provider

This could be the best option if you want to make the most of new customer offers, or if you’ve seen a competitive interest rate which will help you save money in the long or short-term. Here’s what you should do if you’re looking to switch to a new provider:

  1. Shop around – compare credit cards to help you find the best deal for your financial needs.
  2. Check you’re eligible to apply – many lenders have eligibility checkers to give you a good idea if you’re likely to be accepted before you complete a full application.
  3. Once you’re approved for a new card, it’s a good idea to close your old one once you’ve fully paid it off..

 

Getting a balance transfer card

Balance transfer credit cards could be ideal when changing credit cards. They allow you to transfer part, or all of the balance you owe on another credit card and transfer it to a new card with another lender on a lower or 0% interest rate to save you money. It’s important to remember you will usually have to pay a transfer fee when transferring a balance, so you need to take this into account when working out how much you could save.

Switching credit cards can help you save money, so you should shop around and look at the different offers out there. Before you do anything, work out what’s best for your personal circumstances and check you’re eligible for the card you’re looking to switch to.