0% on purchases credit card

Lilith1980

Hi all,

I have been successful in applying for a 0% on purchases for 14 months with Barclay card.

My OH and I are buying a second-hand car and paying it off over the 14 months.

I just wanted to know, at the end of the 14 months, in terms of keeping a good credit rating, is it best to close the card once the balance has been paid?

Thanks

katejo

Why? It just means that the interest free period is over so the card provider will start charging you interest if you don't pay the balance off each month. It is up to you to decide whether to stop the card/switch to another one.

grumbler

Lilith1980 wrote: »

I have been successful in applying for a 0% on purchases for 14 months with Barclay card.

My OH and I are buying a second-hand car and paying it off over the 14 months.

Are you sure that the seller accepts CC payments for cars?

Lilith1980

Yes we checked before putting a deposit down (it's a car dealer rather than private seller).

Lilith1980

katejo wrote: »

Why? It just means that the interest free period is over so the card provider will start charging you interest if you don't pay the balance off each month. It is up to you to decide whether to stop the card/switch to another one.

Yes, but I wondered whether keeping the card 'open' for a while, even if the balance was zero would adversely affect my credit?

I'd heard that it goes against you to have 'unused credit' but this could be something that has been thrown around and I have just picked up on it

grumbler

MSE article: Old Credit Cards

Lilith1980

Thanks Grumbler