How do I switch my credit card?

Switching your credit card can take a little work, but making the transition is worth it and most good lenders are able to support you in the transition.

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Find a card that suits you.

There are plenty of credit card options available and your choice is widened further by the different credit card types - balance transfer, purchase or credit cards for bad debt. So knowing which credit card is right for you can mean a lot of looking around and consideration.

You also need to keep in mind introductory rates, promotional periods, fees and the standard APR applied after the promotional period expires. Monva can help you compare credit card offers with our credit card comparison service.

Just remember, we’re not a lender. Monva are a credit broker*, meaning we can help you find credit, but we cannot grant it.

Finding a credit card that suits you, is all about figuring out why you need the card in the first place. For instance, if the 0% interest rate on your current card is coming to end and you want to move the balance onto a new credit card, you want to find a balance transfer credit card. From there, you should consider how long it may take you to clear the balance, and the other benefits you’d like from your credit card.

Knowing if you’re eligible.

Eligibility ratings are an indicator of the likelihood you’ll be approved for the credit service you are applying for. By using the eligibility rating served alongside your credit card search results you can make an informed decision when applying for credit.

Boosting your credit score.

Before applying for any credit you should do a health check on your credit score, this can help to improve your chances of being approved for credit.

Applying for a credit card.

Once you’ve found a credit card that’s right for you and suits your needs you’ll want to apply for it. Most lenders will allow you to apply online and this application can be done directly through your Monva results. Applying online can be beneficial as you’ll know within minutes if you have been approved. Alternatively, you may want to apply in person at your chosen lenders local branch.

Figuring out what to do with your old credit card(s).

You may choose to keep them active for a little while, especially as having a credit history with a well-managed account looks good to future lenders while your new credit card matures. Just be sure to take any necessary precautions to avoid identity fraud and be careful of accidentally using your old card(s) if you’ve retired it because the interest free period has expired!

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Tags: Credit Cards

*Monva acts as a credit broker and not a lender in the provision of its credit cards, meaning it will show you products offered by lenders and other brokers.