Should I close my highest limit card?

lipidicman

Small time stoozers question

Just got a BT and purchases 0% card. The 10% after the BT will be enough for day to day spending (including the minimum payments of 2%).

I need one other card for occasional bigger purchases. I have an egg money which will do (if I can still mule with it and use it for purchases). My alternative is a 0% purchases only application.

I have closed some old halifax cards as the 0% ran out recently and my barclaycard to simplify and reduce available credit

Thing is, I have a lloyds platinum with a 7k limit (twice anything I have ever had). The 0% has just run out and I have BT'ed most of it off and will pay the rest manually next week. Should I close it or keep it? Should I up the limit (I am sure they would allow an increase after 9 months of good use) ? is there any benefit either way?

YorkshireBoy

Another 0% on purchases card 'just in case' might be a waste of a search and may not reduce your overall available credit should you decide to close the LTSB card.

On trying to close my LTSB card earlier this year I got a 6 month 0% fee-free repeat deal, which I simply moved to my stooz pot. This may be an option for you, ie if they offer you the same deal, just route it through Egg Money and on to your stooz pot (or even just take the easy option and leave it on Egg Money for 4% AER). This could then be your 'just in case' money, with which you could load up Egg Money for that one-off purchase if needed. If you don't need it, it'll make you a reasonable amount of interest over the 6 month period.

Re the LTSB card, I've been sent new T&C's which state a 2.5% uncapped BT fee applies from 1st Aug (applies now to new applications I believe), so if you get in for your repeat deal quickly they may waive the fee like they did for me.

lipidicman

Thanks again YB

Interesting, a 6 month repeat 0% would be very handy. Was this for your full credit limit? Did they offer an increase?

If you keep the balance with egg money then what method would you use to repay the platinum at the end? Do you pay it with the Egg Money card as if it was a debit card?

lipidicman

Another question YB. How do you pay off the platinum, the lloyds online banking payments system is cryptic. I type in platinum mastercard to the recipient searc and it comes back with several options and asks for a reference from my statement - but I dont see this

I guess I can pay by cheque or debit card in the branch

schiff

lipidicman

I've just started a CC with GE Money - 0% for purchases for 12 months. Only got a £1500 CL but that may be because I have 7 cards already (most of them needed for one reason or another - though I am in control .

Interesting point about the LloydsTSB CC - due to stooze mine off next month (courtesy of barclaycard if they'll play ball). I have phoned Lloyds about what they had to offer me in view of the BT period coming to an end, but both offers were over 5%, which doesn't interest me. I'll give it a try when I phone to cancel the card once the balance is paid off, and hope I strike lucky.

schiff

YorkshireBoy

lipidicman wrote:

Was this for your full credit limit? Did they offer an increase?

Full credit limit. I can't remember if I asked for an increase, but I didn't get one!

If you keep the balance with egg money then what method would you use to repay the platinum at the end? Do you pay it with the Egg Money card as if it was a debit card?

I don't have my stooz pot with Egg Money but, although I *think* you can send money to any current or savings account, I wouldn't use it to move a positive balance to another credit card - I'd probably ask them to send it to the account you make the monthly DD from. Just my opinion though.

YorkshireBoy

lipidicman wrote:

How do you pay off the platinum, the lloyds online banking payments system is cryptic. I type in platinum mastercard to the recipient searc and it comes back with several options and asks for a reference from my statement - but I dont see this

I guess I can pay by cheque or debit card in the branch

I pay my LTSB Platinum card using...

Sort Code: 77-29-00
Account No: 00000000
Reference: my 16 digit card number

I can't remember if I asked LTSB for these details, or if they're on the back of the statement under the 'International Payments' section.

BTW, I've never used the 'look up' function (I'm not even sure my account has it yet). I always ask the provider and enter the details manually. Being a cautious stoozer, I always send a £10 payment just to check the conduit/time the transfer on any new card I get.

lipidicman

I'll check that advice later! Thanks

giggs11

YorkshireBoy wrote:

On trying to close my LTSB card earlier this year I got a 6 month 0% fee-free repeat deal, which I simply moved to my stooz pot.

Re the LTSB card, I've been sent new T&C's which state a 2.5% uncapped BT fee applies from 1st Aug (applies now to new applications I believe), so if you get in for your repeat deal quickly they may waive the fee like they did for me.

my 0% lloyds advance card is due to end next week (22nd) and i'll be paying off full balance, do you think it would be cheeky/too soon for me to phone them the day after balance is cleared to ask to close the card and see if they offer me a further 0% deal? will they waive the fee for me if its before Aug 1st? thanks

YorkshireBoy

giggs11 wrote:

my 0% lloyds advance card is due to end next week (22nd) and i'll be paying off full balance, do you think it would be cheeky/too soon for me to phone them the day after balance is cleared to ask to close the card and see if they offer me a further 0% deal?

I wouldn't ask for any follow on offers until after the end of your current 0% offer. Some people like to wait for a statemented zero balance, but I never have done!

will they waive the fee for me if its before Aug 1st?

Who knows? I'm not familiar with the Advance card and it's T&C's, but I always make my mind up what I am prepared to accept before I make the phone call. If I don't get it, I close the account.

lipidicman

YorkshireBoy wrote:

I wouldn't ask for any follow on offers until after the end of your current 0% offer. Some people like to wait for a statemented zero balance, but I never have done!

Great, this was the question I was about to ask. My online statement shows 'Nil' and although I am early and the 9 months isn't up for a few days I am about to make a call, wish me luck!