Credit Card Question

tanya2014

I have a Luma Card because I couldnt get anything else.
But I have now received a Barclays Initial Card which I think is better.
They both have the same credit limit.
I might not want the Luma anymore.
If when the next statement comes I pay it off in full (£100) is on there so I leave the balance at nil is there anything else I need to do?
Do I inform them before I cut up the card or just cut it up and forget about it?
I would rather use the Barclays Initial now I have been sucessful in receiving it and hopefully build up my credit limit with them over the coming months.
I do have an Aqua card too and I do use that and they have recently upped my limit so I still need to use that as the limit on the Luma and Barclaycard Initial is pitifully low at the moment.
Sorry for rambling

[Deleted User]

If you no longer want the card, phone up and cancel it.

grumbler

tanya2014 wrote: »

If when the next statement comes I pay it off in full (£100) is on there so I leave the balance at nil is there anything else I need to do?

If the previous balance wasn't paid in full (and/or there were cash transactions) some interest will be added later, at the next statement day.

jamesd

If you cut up the card and forget about it the credit account remains active. You must tell them if you want to cancel the account. Given the limited number of cards what I suggest you do instead if make a little use of the Luma card each month just so that it continues to show a sequence of regular on time payments on your credit record for a while longer, perhaps another year of use. The brand of card isn't visible on your credit report, just the type of credit, that it's a credit card.

tanya2014

Thanks James
I didnt think of that!
I will continue putting a small balance on it each month like you have suggested. Say £50 each month.
Thanks again to those who replied and especially James!

jamesd

In another year or so you might consider a small personal loan for say three years. Shortly after getting the loan repay almost all of it. That will leave only a small balance on which you'll pay only a little interest. Then the regular payments on that loan will also show a regular on time payment pattern.

The reason I mention the loan is that it is a different type of credit from credit cards and a little variety can be useful in painting a picture of responsible use of credit.