Hope I've done the right thing

taxi73

I owed some money on my overdraft plus mr taxman wants a sizeable chunk in january...well to cut a long story short I had £3,160 available at 0% on my MBNA card...so have transferred this to my current account...as I didn't have any money towards my tax bill it would have gone on my overdraft incurring charges..so this spreads both these bills until my statement in sept..this way I can be putting some money away each week in an high interest account ready for the taxman next year...my current account also pays decent interest when in credit...so i think I've done the right thing but am quite new to this..:T

LookingAhead

Do you need the credit card now? Can you cut it up to make sure you don't add to it?

iceicebaby

if your sure you can pay it off before the 0% ends.

Also, cut the card up so your not tempted to use it again

Seaxwyn

Sounds right to me! Well done. I wish I had some space on a 0% card as I will be paying my tax bill in January on an overdraft at 16.7% - boo hoo.

taxi73

Hi there..thanks for the quick replies...I'll cut the card up ...I never use 0% credit cards after the deal has run out..I wasn't going to use it after transferring my morgan stanley balance onto it...but then was sat thinking before about the tax bill and the overdraft and thought it wasn't a bad idea..I also have £2,300 available at 0% on my halifax one but can't see any way to use that that's on balance transfers and purchases :rotfl:

LookingAhead

Let us know how it felt when you sliced it up! lol

taxi73

I may have mis-understood something here ...correct me if I'm wrong...I thought I read on here that it's better to cancel a credit card when it's finished as it's good for your credit rating...so I wouldn't be able to cancel it if I cut it up[..like I say I may be wrong]...I applied for a credit card a few months ago and didn't get it because I have a lot of unused credit available to me..I had cut these cards up and shredded the paperwork so couldn't cancel them as I didn't have all the details etc..

LookingAhead

Yes it is better to close accounts.

When I have closed accounts of sliced up cards, I have simply written to the cc company and quoted my account number (available on your statement) and told them to close the account.

But I have only ever done this once the balance was zero.

That's all you need to do - and ask them to write to you to confirm closure. Ring them if they haven't done so within a few weeks.

Hope this helps hon.

taxi73

That's what the problem was with the other cards..so I could still cut it up and make sure I've kept the statements...thanks for that

LookingAhead

Yep I always just keep my latest statement and shred the rest/the one before that.

taxi73

thanks...will do that then