Ask Andy #57: Your money questions answered

My regular round-up of your personal finance questions.

I love hearing from you, whether it’s on the blog, social media, YouTube or email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.

But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.

Keep reading for some of the questions I’ve been asked, plus the video live from this week with even more!

Watch the latest live Q&A

Every couple of weeks (usually on a Sunday or Tuesday evening at 7pm) you’ll find me live on YouTube and Instagram answering your questions. It’s probably the best place to ask!

Here’s the latest video:

This week’s extra questions

If you’ve asked me a question elsewhere, you might find the answer below!

Will my old account close when I switch?

Does it completely close your other bank account if you switch? As I currently use Monzo and would like to keep it open. 

Jasmin, via the blog

Sadly yes your old account will be closed if you’re moving to get a switching bonus. But you could look at opening an account elsewhere that you don’t want to keep, and switch that. More here

Can I keep my Amex points if I close the card?

Very new to credit cards, had debit my whole life. As I’m starting a new business adventure, and intrigued by the rewards system AMEX offer, my current pick is the AMEX gold card. Now, after watching a few videos, the heavy annual fee isn’t worth it. So cancel before the end of the 12 months and you’ll be fine.

My question is… with the points I rack up, I can switch them into nectar points right? Could use them for a full shop or whatever. Is it possible, say on month 11, to move the points I have over into like a points savings account (if that’s even a thing), cancel the card, start over? Or is this not possible?

As well, say I cancel, will that impact my credit score? Partly why I want a credit card too, to bump the score up. If I switch cards yearly, will this be impacted or doesn’t it matter?

Mirza, via the Facebook community

Yes, it’s really important you do something with the points before cancelling the card. This could be moving them to Avios and then to Nectar (or leaving them in Avios), which will get you the best conversion rate of up to 1.2%. Or you could open the free Amex Rewards card which will keep your points active.

You won’t be able to straight away apply for another free year of the Gold, but you could look at an alternative Amex. The only one you’d be able to get a welcome bonus with is the BA Amex card.

Andy’s YouTube

Watch new videos every week on the Andy Clever Cash channel, plus a regular live Q&A

Can I apply for a card while waiting to buy a house?

Sorry if it’s a silly question but I was wondering if I should avoid applying for a credit card (amex cashback) before completing our house purchase with a mortgage. We have an offer accepted and are just waiting for exchange and completion. I guess all the credit checks by the lender has been done and assume that no more checks will be conducted before the completion, but am I wrong? If I apply for a credit card before completion could it interfere with the mortgage?

Anon, via the Facebook community

I’d wait. Though it’s unlikely it’ll impact the offer right now, there’s still a chance your chain could collapse. If that means you need to apply for a new deal you won’t want the credit check appearing on your report.

Will the debit card trick work for TSB?

Does anyone know if paying into Monese/Revolut by card with TSB will count towards the 5 card transactions required for the extra £55 in June?

Jus, via the Facebook community

Yes, it should do as there’s nothing in the terms to say it won’t. For those that don’t know about this trick (which I use for my Halifax Reward accounts), you can use your debit card to add money to both Revolut and Monese. This then counts when banks require debit card transations for bonuses or rewards. Be careful not to just transfer bank to bank, it has to be adding money from the debit card. Here’s more on the TSB switch offer.

Andy’s podcast

Listen to Cash Chats, Andy’s twice-weekly podcast. Episodes every Tuesday and Friday.

Can I use my Amex to clear another credit card?

Might sound dumb, but can I use my Amex card to pay off another credit card and then pay it off within the month. Purely to get towards the £3k spend for the bonus.

Ronald, via the Facebook community

Sadly not. I also had a question on YouTube about whether Amex can be used for rent and bills. This is (slightly) more likely – but only if they accept credit card payments. I doubt landlords will accept any credit cards, and it’s a mix on bills as to who you are with.

How to ask me questions

The best way to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me in my live fortnightly Q&A every other Tuesday (which is on Instagram and YouTube).

I can’t promise I’ll be able to answer all questions but I’ll do my best.

If you want to contact me via other channels I tend to look once a week at all the messages, but it can take longer – so you might have to bear with me for a reply.

You can also comment on individual blogposts and videos or ask me questions via these channels:

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