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Closing credit cards?
DD265
Posts: 2,246 Forumite
in Credit cards
OK, so I now have three credit cards.
The first is a Lloyds TSB Student Credit card, with a £1000 limit, £0 balance. Rubbish interest rate (24.9%) but I keep it for emergencies only and haven't used it for a while.
The second is a Barclaycard Platinum. I took it out just under a year ago to do a balance transfer and help pay car repair costs, the 0% period is almost up. It currently has a £2355 balance against a £3000 limit, 19.9% on purchases.
The third which I've just applied for (although not doing anything until confirmed in writing!) is a Halifax Balance Transfer Credit Card which is 27 months 0% on balance transfers. It said it was thinking about a £4200 limit but that would be confirmed, I will probably reduce the limit when the card is through. I'm transfering over £2200 from the above Barclaycard (paying the other bit off).
My question is this - should I close either the Barclaycard or the Lloyds TSB card or leave both open? I am not brave enough to close both cards as although I have a months salary in savings, I know how quickly emergencies could eat that. :rotfl:
The first is a Lloyds TSB Student Credit card, with a £1000 limit, £0 balance. Rubbish interest rate (24.9%) but I keep it for emergencies only and haven't used it for a while.
The second is a Barclaycard Platinum. I took it out just under a year ago to do a balance transfer and help pay car repair costs, the 0% period is almost up. It currently has a £2355 balance against a £3000 limit, 19.9% on purchases.
The third which I've just applied for (although not doing anything until confirmed in writing!) is a Halifax Balance Transfer Credit Card which is 27 months 0% on balance transfers. It said it was thinking about a £4200 limit but that would be confirmed, I will probably reduce the limit when the card is through. I'm transfering over £2200 from the above Barclaycard (paying the other bit off).
My question is this - should I close either the Barclaycard or the Lloyds TSB card or leave both open? I am not brave enough to close both cards as although I have a months salary in savings, I know how quickly emergencies could eat that. :rotfl:
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Comments
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I'd close the student account purely based on the interest rates.0
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