Coles 0% Balance Transfer - Should I Close My Old Account?

rowenaduncan on 22/01/2015 - 18:30

I have been a Coles credit card holder for about 5 years.
I have never taken them up on any "deals".
I spoke to someone last night about whether I could get the balance transfer deal, but was told it was for new account holders only.
I wonder whether to call them and ask if I can close my account (it's currently in credit) and open another one just to get the deal, or would threatening (and doing) to close the account and go elsewhere work?
They probably already hate me because I'm one of those "pay the outstanding balance in full every month types" - but in saying that, they have nothing to lose because I don't get charged interest anyway….
Any suggestions???

Financial

Related Stores

Coles Financial Services
Coles Financial Services

Comments

  • chumlee on 22/01/2015 - 18:37

    They couldn't care if you pay your balance each month. Card issuers make majority of their money from interchange fees

    • rowenaduncan on 22/01/2015 - 18:53

      What's an interchange fee?

      • chumlee on 22/01/2015 - 19:00

        Whenever you use your credit card the merchant pays a fee. This is split between merchants mpos terminal supplier (normally a bank), the card issuer (again normally a bank) and visa/mastercard/Amex depending on which card you have. These merchant fees add up and make banks a lot of money, particularly if its a OFF card (minus the cost to banks of buying the OFF points)

        • rowenaduncan on 22/01/2015 - 19:13

          Ok -now I understand the interchange fee - but don't understand what OFF points are…? :)

  • chumlee on 22/01/2015 - 19:17

    Qantas Frequent Flyer. These cards are the big money makers for banks as the public use them for almost all their purchases to get the points therefore lots of interchange fees

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