How to Switch Credit Cards

You might be thinking about switching your credit card for a number of reasons, whether that’s to potentially save money on interest or earn rewards.
While swapping your current credit card for another can have benefits in certain situations, there are a few things you should think about first.

When you might consider switching credit cards

• You’re hoping to find a credit card with a lower rate of interest than your current product.
• You’re looking for a specific type of credit card to support your financial goals.
• You’d like to earn rewards on your spending.

Switching credit cards: which credit card could be suitable for me?

Credit cards come with different features to suit different financial needs. We’ve included information on some types of credit cards below, along with the situations in which they could be useful.

Compare Credit Cards

Our sister company, Compare Credit Cards, could help you do just that.
Compare Credit Cards is a credit broker with access to a range of top credit card providers in the UK. From balance transfers to rewards credit cards, Compare Credit Cards could help you narrow down your search and get you closer to finding the right credit product.

Things to think about before you switch credit cards

• Can you afford the repayments on a new credit card?
  This is one of the most important questions to ask yourself when considering switching credit cards. You should be certain that you’re able to repay any money you borrow without it affecting your ability to cover your essential outgoings, such as housing and bills.


• Be aware of any promotional offers–and what happens when they end
  If you’re looking for a 0% purchase credit card or a balance transfer credit card, it’s crucial to remember that if the balance isn’t cleared by the time the promotional offer comes to an end, you will be charged interest at a standard rate.


• Are you aware of your credit score?
  Knowing your credit score can help you understand your borrowing options. Typically, the better your credit score, the better your chances of being accepted for credit, although this isn’t always the case, and everyone, regardless of their credit score, will undergo a full creditworthiness assessment.


• The effect of a hard search on your credit score
  When you make an application for a credit card directly with a provider, they will complete a creditworthiness assessment. This will include a hard search or an Open Banking check. A hard search will remain on your credit file for up to 12 months, and multiple hard searches in a short period of time could harm your credit score.


• Consider using an eligibility checker
  Some credit card providers offer an eligibility checker that shows your chance of approval before you make a full application. This is done using soft search technology, which will not impact your credit score.*

How to switch credit cards

Weighed up the potential pros and cons and decided that you’d like to go ahead and make the switch? Here are the next steps to take.

1. Do your research
   Work out exactly what you’re hoping to get out of a new credit card. Once you’ve decided on a type of credit card, set some time aside to shop around different providers or use a credit broker to help you find the most suitable option for you.


2. Check your chosen provider’s eligibility criteria
   All providers have their own eligibility criteria. You must ensure that you meet their requirements before you make an application.


3. Make use of any available eligibility checks
   Checking your eligibility for a credit card before you apply could help narrow down your search and reduce the number of hard searches on your credit file.


4. If you’re happy with the credit card you’ve found, go ahead and make a full application
   You’ll usually be asked to provide details of any current credit commitments, including active credit cards.


5. Get your new credit card!
   If you’ve been approved, your provider will let you know when you can expect your credit card to arrive in the post, and/or how to activate a virtual credit card.


6. Transfer your balance
   If you’ve switched to a balance transfer credit card with a promotional interest rate, your promotional period usually begins the day your account is opened.

Wondering what to do with your old credit card once your new credit card is activated? Check out our guide: Do Credit Card Accounts Close Automatically?

Find out if you’ll be accepted before you apply for your thimbl. Credit Card

• For all credit levels, from poor to excellent
• Checking won’t affect your credit rating
• 48.9% APR Representative (variable)

Check my eligibility

Can I switch to a thimbl credit card?

With thimbl, you can check your eligibility for two different credit cards: the thimbl Credit Builder Credit Card and the thimbl Balance Transfer Credit Card.

Check your eligibility for a thimbl credit card

You can check your eligibility for a thimbl credit card if you:

• Are between the ages of 18 and 70;
• Are a UK resident with at least 1 year's UK address history;
• Have a monthly net income of at least £800;
• Have an active credit account that has been open for a minimum of 12 months; and
• Do not already hold a Zable credit card.

thimbl is a credit broker. The thimbl credit card is powered by Zable, a trading name of Lendable Ltd. Lendable Ltd is unable to consider applications from anyone who has declared bankruptcy or is in an Individual Voluntary Arrangement (IVA).

If you’re worried about your financial situation

Are you struggling to keep up with your credit card repayments? If so, please contact your lender as soon as you can. They will be able to discuss any options available to you.

Money concerns can feel isolating, but please remember that you don’t have to face this alone. There are several charities and organisations in the UK that can offer you free, confidential and impartial financial advice. We’ve listed these organisations below.

• StepChange
• MoneyHelper
• Citizens Advice
• National Debtline.