The final Balance Transfer....

mssloan

Hi,

I would like to thank MSE for the information about the MBNA 6.7% for life, fee-free offer (although I personally despise MBNA as a company). It has allowed me to get the last of my CC debt on to a Rate-for-Life basis so I no longer have to keep moving debt about (OK technically the First Direct amount is not Rate For Life but I'll have cleared the balance long before the five-year 5% rate expires). I hope to clear all my CC debt (the only sort I have) within the next two years.

Actually it now occurs to me that I have two 'clear' cards and I think only need one. These cards are EGG (just cleared by BT to MBNA) and MINT (my current every-day clear-every-month card). I going to ask you clear people what I should do. I think I have 3 options (unless you can suggest more):

1. Keep both but only use EGG for unexpected big bills which I couldn't normally pay in one go, otherwise let it gather dust.
2. Scramble the EGG
3. Chew the MINT

One more question: Can requesting LOWER credit limts damage your credit rating/history?

mssloan

sam2009_2

my MBNA offered me 6.9% for life with 2.5% handling fee. That was couple of months ago.

I would go with option 1. Keep all the cards and only use it for emergencies.

I don't think lower credit limit lower the credit rating. I regularly ask the credit card companies to lower the credit card limit as I'm constantly worry that if the wrong person get hold of my card, could spend it all.