Cancel old card?

mowzercat

I am contemplating transferring the balance on my First Direct credit card to Lloyds 24mths at 0%. When the transfer has been completed should I cancel the First Direct card or should I continue to use it and always pay off the balance?

[Deleted User]

Always worth having at least a couple of cards.

sn00kums

Personally I would keep it but try not to use it except for minimal transactions such as £5 per month. As zx81 says it's always worth having a couple of cards - you never know when you might need to use them.

DigForVictory

Slightly depends how many you have. One in stasis with a 0% deal yes indeed, one In Case Of Emergency yes, but after that it's just footprints on your credit file that you don't need.

*Scarlett

If the First Direct card is the only other one you have then I would keep it.

It won't do any harm to use it for a purchase every few months (and pay the balance in full) to keep the card active.

fozmcfc

Myself, I like to have at least 3 cards open and currently am running 4.

I have one that holds a 0% purchase deal on it, which will be paid off in full by November, then unless I get a repeat 0% purchase offer on it, it won't be used again.

A card with a money transfer on it at 0%, until Dec 2014. It is a good card for repeat offers, so I keep it open.

A card which I use now and then, for other monthly spends. I pay it off each month in full, which mean I get money off vouchers and I pay no interest on it.

I also have a card with my bank, which I have held for the longest time. That card has about £10 on it each month, which is paid off in full each month.

When 0% deals run out on cards, unless I get repeat offers, the cards are not used again and are normally withdrawn after xx months of not using it.

In general, I have the money, not to have to pay for things on credit, but why pay for items outright, when you can get them for 0% for xx amount of months and earn a bit on that money in those months.

You also get extra protection when purchasing on a credit card. Also you can get a cashback/rewards card and pay it off in full each month, so you get cashback or vouchers and pay no interest.