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Has anyone undertaken a swap from a charge card to a credit card and seen if your Harvey Nic cashback or dining offers double up and are card specific?
Looking to move over to a credit card, but wondering if I should go through the benefits as soon as to then swap over
If you plan to always pay your balance off ‘in full’ every month, why would you want to change from a charge card to the credit card variant, when a charge card looks better on your credit file, because all other financial institutions only have sight of your outstanding balance and not your credit limit, which is usually much higher on a charge card than a credit card?
It’s difficult to understand the purpose of this question as unless you are expecting, via a swap, to get two sets of UK + foreign dining credits and HN credits in 2023 (as a one off), and I don’t know that you would, why swap? In addition to the very valid reasons above, you are giving up multiple free supplementary cards and their associated benefits (vs only one on credit card) and moving from a favourable contractual Amex charge card agreement to a less favourable credit agreement under CCA1974 and side contract re benefits.
You’d gain section 75
Having accumulated high credit limits lowers your credit score if you utilise a large proportion of it. Over time it improves it if you only use a small.proposrtion of it.
You’d gain section 75
Having accumulated high credit limits lowers your credit score if you utilise a large proportion of it. Over time it improves it if you only use a small.proposrtion of it.
Sorry, but what on earth are you trying to get over in your 2nd paragraph because it doesn’t really make much sense to me. Lenders take into account available credit, not just the outstanding balances.
If you want section 75 protection on something then use another credit card for that purchase. Not worth getting rid of a valuable charge card with better benefits that you will never be able to return to…ever!
Does Amex even just swap it for you? If I recall previously they won’t change from a non credit card to a credit card. I would think you would have to close your charge card then put in a new application for a credit card. In which case in 2023 you would get those particular benefit twice since you have had 2 separate products.
If you did want to move to the credit card (recognising various arguments above), if you have another player in the game, cancelling and reapplying gets you the referral bonus although a hit on your credit file. I think last year there was a bonus where you don’t qualify for the bonus points but you still get some travel credit (i seem to recall), might be worth keeping an eye out for this before going ahead with whatever you are planning. Suspect the next bonus will come around sometime after the current BAPP one ends.
You’d gain section 75
Having accumulated high credit limits lowers your credit score if you utilise a large proportion of it. Over time it improves it if you only use a small.proposrtion of it.
Sorry, but what on earth are you trying to get over in your 2nd paragraph because it doesn’t really make much sense to me. Lenders take into account available credit, not just the outstanding balances.
If you want section 75 protection on something then use another credit card for that purchase. Not worth getting rid of a valuable charge card with better benefits that you will never be able to return to…ever
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