what to do with empty credit cards

The_Boss

Ashingtonian wrote: »

I have one thats empty but its good to keep for an emergency.....much better than a pay day loan or high interest overdraft facility.

Although with the interest starting immediately for cash withdrawals on a credit card, some having a fee and a higher rate of interest, then if you need cash then it's not far off the charges for a payday loan.

Ashingtonian

The_Boss wrote: »

Although with the interest starting immediately for cash withdrawals on a credit card, some having a fee and a higher rate of interest, then if you need cash then it's not far off the charges for a payday loan.

I am assuming it would be used like a normal debit card for purchases. That said, the cash rate on my card is 15.8% which still comfortably beats any payday loan rate.

The_Boss

Ashingtonian wrote: »

I am assuming it would be used like a normal debit card for purchases. That said, the cash rate on my card is 15.8% which still comfortably beats any payday loan rate.

That's fine if you need to buy items from a shop/store, but a payday loan is cash so it's not an appropriate comparison, especially for those that need cash to pay for rent, pay back friends etc for example.

dazrs

Soz been at work I don't owe loads of credit to be far seems a lot to me but it prob about 1200 max now on one card, I basically had 3 cards one had 200 paid off, so that free, 2nd one had 450, my 3rd one had 600. But my ex wife got me in debt and defaulted an account on purpose I knew nothing about. It took months to sort out, I couldnt get any more credit, now it sorted I manage to transfer all my debts on to one, so don't need the other 2, as far as I'm aware I always paid them on time there may have been one time for a late payment not sure. I don't owe any other credit, I'm in and out my od but that not set very high only usually in it end of month, but I owe thousands to tax credits which I'm paying off dunno if that effects things, again another prob my ex messed up on, wish I was never entitled to tax credits now.