Credit card advice, please

Puddylove

Hi
I've got three credit cards with the following debt/limits

Barclaycard Nil. £15k
CC 1. £680. £8k
CC 2. £8750. £14k

I'm paying off CC1 in the next couple of month, and it's a bank with no BT offers/deals.

CC 2 is on a 0% rate until March 15 but I'm only intending to pay £250 per month so will still have a large balance.

I have a good credit rating and minimal other debt.

My questions are:
1. Should I close the Barclaycard down, or are they likely to offer me a good BT deal when mine runs out? And If keeping it, should I make a few token transactions on it (unused since Jan).

2. Or would I be better closing CC1 then applying fresh for a good BT card?

Thanks in advance
P x

Aquamania

Puddylove wrote: »

Hi
I've got three credit cards with the following debt/limits

Barclaycard Nil. £15k
CC 1. £680. £8k
CC 2. £8750. £14k

I'm paying off CC1 in the next couple of month, and it's a bank with no BT offers/deals.

CC 2 is on a 0% rate until March 15 but I'm only intending to pay £250 per month so will still have a large balance.

I have a good credit rating and minimal other debt.

My questions are:
1. Should I close the Barclaycard down, or are they likely to offer me a good BT deal when mine runs out? And If keeping it, should I make a few token transactions on it (unused since Jan).

2. Or would I be better closing CC1 then applying fresh for a good BT card?

Thanks in advance
P x

They are credit cards. They provide you with ongoing, revolving credit facilities.

If you just wanted a loan that would be closed when paid off, that is probably what you should have asked for.

If you really don't think you'll ever need the revolving credit facility again at anytime in the future, then you may as well clsoe it down for security issues.

But if you might want to take advantage of it, why remove the opportunity?


Check your various terms. I think barclaycard say they reserve the right to close the account if it's not used for at least 6 months.

Puddylove

I suppose I want two things for the future:
1. A card that will give me 0% for the £7k until I pay it off.
2. Another card for online purchases etc.

Just trying to work out how to get there, from here.

grumbler

Barclaycard are known to offer some 0% deals to existing customers. I don't think that any token transactions can have any effect.

With £37K available credit I think you'll struggle to get any new CC with a sizable limit. IMO you have to close CC1 and wait until this is reported to CRAs before applying for any new card.

Aquamania

Puddylove wrote: »

I suppose I want two things for the future:
1. A card that will give me 0% for the £7k until I pay it off.
2. Another card for online purchases etc.

Just trying to work out how to get there, from here.

Why not just use the cards as you plan

It'll soon become clear after a year or so of non-use if you will probably never use a certain card again - that would probably be the appropriate time to consider it's closure without a clear idea today

tripled

I have a Barclaycard and they always seem to be advertising a BT offer when I look at my (online) statements, although the length and rate of it seems to vary. Often they offer a 0% BT to my bank account as well, usually with a shorter term than a transfer to a CC.

Edit: This is my current offer, apparently no bank a/c offer atm.

Transfer a balance from a credit card and pay

0% p.a.
Until 1 July 2015
2.90% or min. £2.90 transfer fee applies

Puddylove

Thanks all.
What proportion/multiple of annual income should one's credit limit add up to (assuming no other complications)?

I think I might keep bumbling along, and at the turn of the year check for a Barclaycard BT. If none, I'll ask to close that card, and maybe apply for a different long 0% one.

Then I'll close CC 1.

MallyGirl

recommended is no more than 50%

Puddylove

MallyGirl wrote: »

recommended is no more than 50%

Ok, as I earn between £45 and £50k I seem to have rather a lot of credit available to me.

No good reason why either, as I've never been close to my limit. I think I'll get rid of one in Jan.