What happens to an old credit card after a balance transfer to a different card?
For example, let's say there is a balance transfer from credit card A to credit card B. What happens to card A after the transfer is completed? Is card A canceled or can you still use credit card A for purchases after the transfer?
I see that you have a lot of correct answers. Now, permit me to give you the answer your grandmother would give you.
Don't EVER carry a balance on your credit cards. The interest cost will eat you alive. Immediately stop spending on everything over and above essentials and put yourself on a financial "diet." Don't stop until they are paid off and then don't ever let a month go by where you have not paid in full. EVER.
You should be putting money away for savings, of course, but you can't earn enough on any investment account to exceed the interest rate on a credit card. So, paying down a card is like getting 20% on your savings. Do it first, and after you are done, "pay yourself" every month by adding to your savings. If you don't, you risk being elderly and poor.
Okay, I'm done (Aren't you glad?). Grandma, signing off. I hope you take my advice to heart (and I hope a lot of other people are reading this). Best of luck to you.
It stays open until you call to close the account. If you don't plan on using the old credit card, you should call and close the account as too many open revolving credit cards can have a negative impact on your credit score.
It may be different for each card, but I'd assume the card would still be open with the same credit line. It's just like you paid the first card off with the second.
Check with the card issuer for details.
Hope that helps!
Unless you specifically instruct your old credit card company (Credit Card A) to close the account, you should still be able to use it. In fact, for the purposes of your credit score, it's a good idea to keep cards open. Why? Because your credit score is based on credit history and credit utilization. An established card with a good payment history will continue to help you. And if you keep the card open and keep your total charges under 40% (preferably 30%) of the total line limit, you'll keep your credit score up.