Cancelling one of my two Credit Cards

AlpineF30

Hi,

Hoping someone can help me here.

I have two credit cards a Capital one credit card with high APR which I used to build my credit file and a Halifax 0% credit card.

The capital one card has a limit of £1250 and has not be used in over a year.

The halifax card has a limit of £6000 and currently has a balance of £2000. The 0% deal runs out this month so I am going to apply for a new card to transfer the £2000 and pay this off before the end of the year. Typical an emergency happens that I need to use my card as the deal is about to run out.

I am wanting to cancel the Capital One card. Is this a wise idea?

Thanks

[Deleted User]

If you only have the two, I'd keep them both, unless your income is particularly low.

AlpineF30

Deleted_User wrote: »

If you only have the two, I'd keep them both, unless your income is particularly low.

Thanks, No I earn over £30k a year, but was only thinking of cancelling the Capital One card as will this not harm my chances of applying for a new 0% purchases card in future?

[Deleted User]

It's only a low limit. I would keep it so that you have back up and also to lower your debt/limit ratio.