Transfer or not to Transfer

digitalvibe · 15 January 2018 at 4:23AM

I'm carrying a bit of a balance on one of my credit cards. Of course paying it off in full is a goal and one I'm doing pretty well with. It's the only debt I have aside from my mortgage.

I did a check on my credit score recently using the Credit Club and everything looks very good however I noticed that one of my credit card account is showing a "Dormant" status. I wondered if transferring my balance to this card (which has no debt on it and an identical APR) would be wise, i.e. is having a dormant account something should avoid if possible?

Nebulous2 · 15 January 2018 at 4:57AM

Transferring will cost you a fee. There is no point in paying that if the Apr isn't lower.

It's good to have a backup credit card. If the dormant status bothers you put a small payment through it every month and then pay it in full before the due date.

digitalvibe · 15 January 2018 at 5:12AM

Thanks. Not so much about the dormant card "bothering" me. More a question of is it "bad" to have a card that's dormant.

chattychappy · 15 January 2018 at 10:26AM

No I don't think it's a problem. The card might be cancelled if it remains dormant.

I have at least 6 dormant accounts!

Transfer or not to Transfer

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