0% credit cards

AdrianJohn_2

I have taken out a few 0% credit cards over the past few years. Once the 0% has run out i have obtained another card. Should i keep these cards open or cancel them. At the moment i have about three cards that i don't use. Should i close them?

Tixy

Depends on what your plans are generally.

If you still have balances on cards you expect you might want to transfer again then keeping these open means you can check if these lenders would do an existing customer 0% promo deals. However if you are likely to want to apply for something like a loan or mortgage then these open accounts will be counting as 'available credit' and so might reduce what a potential lenders thinks you can afford to borrow.

Do you check the statements for the empty cards regularly? if you didn't then keeping open old dormant accounts could put you at a slightly greater risk of fraud/ theft from these cards.