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What should i do with my cards?
webcat86
Posts: 8 Forumite
in Credit cards
Hi all, long time reader and first time poster here.
In the next week or so I will be consumer debt free - I'm in the process of buying my first home with my wife, and I still have a student loan.
My situation is that I have a Barclaycard Initial, interest rate of about 19%. I cleared it last year on a balance transfer to a 0% card, but as it's been open since 2010 I have kept it open for the positive impact on my credit report of a long term line of credit. The balance limit is £1600
I have a second card, balance limit of about £1000, which I opened last May. Then the third and final card I opened in November to finish the balance transfer from the Barclaycard. This one is with M&S, is a MasterCard with a limit of £4,000, has 0% on spending for about a year and I also earn M&S points.
When all three are cleared, my plan was to close the middle card (Halifax visa) as it has interest on spending and no perks. I would then keep the Barclaycard purely because of how long I've had it, and the M&S for the limit and rewards.
Credit card spending will only be used for purchases that can be repaid in the month, and I will probably have a direct debit to clear the balance each month.
I'd like to know if this is the best thing to do though. Is keeping the Barclaycard sensible, or should I close the M&S one and get a different card with better spending rewards?
In the next week or so I will be consumer debt free - I'm in the process of buying my first home with my wife, and I still have a student loan.
My situation is that I have a Barclaycard Initial, interest rate of about 19%. I cleared it last year on a balance transfer to a 0% card, but as it's been open since 2010 I have kept it open for the positive impact on my credit report of a long term line of credit. The balance limit is £1600
I have a second card, balance limit of about £1000, which I opened last May. Then the third and final card I opened in November to finish the balance transfer from the Barclaycard. This one is with M&S, is a MasterCard with a limit of £4,000, has 0% on spending for about a year and I also earn M&S points.
When all three are cleared, my plan was to close the middle card (Halifax visa) as it has interest on spending and no perks. I would then keep the Barclaycard purely because of how long I've had it, and the M&S for the limit and rewards.
Credit card spending will only be used for purchases that can be repaid in the month, and I will probably have a direct debit to clear the balance each month.
I'd like to know if this is the best thing to do though. Is keeping the Barclaycard sensible, or should I close the M&S one and get a different card with better spending rewards?
0
Comments
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Hi - welcome to the forum as a poster (rather than a lurker
)
I think keeping your longest card is a good idea - hopefully someone a little more knowledgeable will come along and advise you further of which cards to cancel
good luck with the 1st house purchase
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You don't have to be the best -
Just be better than you were yesterday.0 -
When your BarclayCard is paid off, phone up and ask to convert it to a BarclayCard Cashback card. Pays 1% Cashback on AmEx and 0.5% on VISA. If you're going to keep it open you might as well get something back.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
yes, i would look to change it into something useful. if they won't, i would close it.0
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Webcat said:-
Halifax 'perks' rely on holding a current account with them. They also offer infinitely more mortgages than M&S. There is no need to drop positive financial links with any of these companies. Perhaps make more use of the best of what each has to offer...,my plan was to close the middle card (Halifax visa) as it has interest on spending and no perks.
J_B.
I think it is better to hold onto long held current accounts. Open new current accounts where it is profitable to get a good deal .0 -
Joe_Bloggs wrote: »Webcat said:-
Halifax 'perks' rely on holding a current account with them. They also offer infinitely more mortgages than M&S. There is no need to drop positive financial links with any of these companies. Perhaps make more use of the best of what each has to offer.
J_B.
I think it is better to hold onto long held current accounts. Open new current accounts where it is profitable to get a good deal .
I don't really have any positive links with either Halifax or M&S, both are recent cards and I have no other product with them. I'm a first time buyer and the mortgage is with a different company.
The only positive link I think I have is with Barclaycard, as i've had it the longest.0 -
bump bump.0
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You're not getting any more replies because your questions have already been answered in previous posts.bump bump.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
thebritishbloke wrote: »You're not getting any more replies because your questions have already been answered in previous posts.
Well I'm going to follow your advice with the barclaycard, but I'm still not sure if closing Halifax is the right move. I don't understand the post about perks with Halifax, as the card does the have any and I don't have any other products with them0 -
Stay with Barclaycard, by far the best credit card provider. Call them up and see what they can offer you. They normally have excellent deals.
Sam0
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