Advice Needed Please...

darrenwis

Hi,

I have just transferred my balance of £1010.00 from my lloyds credit card to a 0% balance transfer credit card as I was on a rate of 17%.

So I have now cleared the lloyds tsb card, what do i do with it? Shall i just cancel it so i'm not tempted? I would obviously still have the BT card.

What do people do?

Thanks
D.

Ben8282

Keep it, use it for purchases and pay it off every month so you don't pay purchase interest.

darrenwis

Ben8282 wrote: »

Keep it, use it for purchases and pay it off every month so you don't pay purchase interest.

Your saying keep two credit cards?

Why don't I pay things just using debit card if im going to pay it off each month?

Ben8282

darrenwis wrote: »

Your saying keep two credit cards?

Why don't I pay things just using debit card if im going to pay it off each month?

Yes, keep two credit cards. A reserve card is always useful in case, for example, one card gets security blocked/swallowed by an ATM or something at an inconvenient moment or you loose a card and have to wait for a replacement.

So that you can keep your money in your account for an extra month.

blueberrypie

darrenwis wrote: »

Your saying keep two credit cards?

Why don't I pay things just using debit card if im going to pay it off each month?

Using a credit card allows you to keep your money for a few weeks longer - in an interest-paying account, if you've any sense.

Using a credit card means that if there's a fraud on your card, it's the credit card provider's money that disappears - not the money in your current account.

Using a credit card means you get Section 75 protection - see http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

And if you choose the right one, using a credit card can mean you get extra benefits, like extra warranty on items you buy, or cashback. See http://www.moneysavingexpert.com/cards/credit-card-tips

spud101

That's good advice to keep a card as long as you will 100% pay it off every month. I used to do that, then got into a 'pay over a few months attitude' and now I'm looking for a balance transfer card myself!

When I get a balance transfer card I will keep one card but I'll pay the balance off every month.