Any benefit to a bank issued credit card?

KRB2725

I am in the process of snowballing to get my c/c debt paid off and as of tomorrow will have everything on 0%. I was paying 29.9 on my largest balance so am exceptionally happy about this.

I have three cards still, a Barclaycard which will now have my entire debt on it, a Tesco one and a First Direct gold card. I was thinking of closing the First Direct one as it only has a small limit, but is there any benefit to keeping one that is issued by your own bank? I can't think of any but thought I'd check.

Dobbibill

If it is your longest held credit card this can indicate stability.

Other than that if you have an empty Credit Card they may offer you 0% deals on it, which at the moment you do not need but will you need it in the future or will all your debt be paid off before your current 0% deals expire?

If neither of the above apply then closing it would be a good idea.

KRB2725

Thanks, the Tesco one will be better suited for the purposes you describe although I should hopefully be able to clear all the debt before May when my 0% expires.

I have had it the longest since 2000. Barclaycard is 2007 and Tesco is 2013. Would the Barclaycard be held long enough to indicate stability?

grumbler

Dobbibill wrote: »

If it is your longest held credit card this can indicate stability.

Other than that if you have an empty Credit Card they may offer you 0% deals on it, which at the moment you do not need but will you need it in the future or will all your debt be paid off before your current 0% deals expire?

If neither of the above apply then closing it would be a good idea.

If (available credit)/(income) ratio is well below 50%, then having an empty CC can be beneficial for future applications as it reduces (used)/(available) ratio.

Dobbibill

^^ and what grumbler said there ^^

KRB2725

My cc limits are around 50% of my income, b/c have just upped my limit. My used/available limit is also around 50% but I am hoping to clear it all in 9 months so that ratio is decreasing monthly.

The First Direct card only has a £500 limit so isn't affecting either of the above figures by any great extent, but it has been active for 15 years. The limit has been higher, but I had it decreased when I took out b/c.