Hi. I have great credit, just got preapproved for a credit card with 0% on purchases and balance transfers for 12 months. Got the card in the mail, and was about to transfer balances until I found a better credit card offer online. This one has not only 0% for 12 months BUT has NO TRANSFER fee for balance transfers. Question is: would it negatively affect me if I close out a card that I received 2 weeks ago, then re-apply for another one? I am very testy about my credit score and don't want to "ding" it too much. Help!!
Welcome to Creditnet reba! I assume you're talking about the promo Chase is running for the Slate card right now. I actually just blogged about it the other day: Chase Slate: No Balance Transfer Fee and 12 Months 0% Interest. It's been a long time since we've seen an offer like this hit the market. It's a great deal for those looking to initiate a balance transfer. Anyway, I wouldn't close the other card if it doesn't have an annual fee. Just leave it open and apply for the new one as well. If your FICO scores are great, this shouldn't be a problem as you'll only take a minor ding for both credit inquiries. In fact, leaving the card open will allow your credit utilization ratio to benefit from the additional credit limit, which should have an overall positive effect on your credit scores.
