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Paying remaining balance and closing a 0% card early
book12
Posts: 2,557 Forumite
in Credit cards
I have a 0% card where the offer ends early next year. The credit limit is almost reach.
I was planning to pay all of it off now and close it, or wait until early next year to do it. Which is better?
I was planning to pay all of it off now and close it, or wait until early next year to do it. Which is better?
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Comments
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Is the money you are going to use to pay it off earning you anything, maybe in one of the high interest current accounts, at the moment?I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
They aren't earning much interest.0
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Well it depends whether you want to show the account paid on your credit file perhaps if you were considering to apply for a loan or mortgage. Otherwise you could make a bit of money in a current account, Tesco for example at 3%.0
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Doctor_Duke wrote: »Well it depends whether you want to show the account paid on your credit file perhaps if you were considering to apply for a loan or mortgage. Otherwise you could make a bit of money in a current account, Tesco for example at 3%.
I am considering applying for a mortgage in the future, but not soon though.
I have money in a regular saver which is maturing soon, which I am using to pay off the remaining balance on the card.0 -
If you have no plans for the money to earn for you then why not.
It's a bit like 'how long is a piece of string?'
A stoozer would scream no, stooze at 0%.
A DFW would say get rid of the debt.
No-one knows whats around the corner and either decision would be the right decision. If we all had a crystal ball then maybe that would be different. I genuinely don't think there's a right or wrong answer for you.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Depends what the balance is and if that's the only debt. If it was me I would clear it. That's what I've been focusing on and now I am debt free.
I prefer to have zero outstanding balances and get things that I can afford now.Littlewoods £0/£750
Barclaycard £0/£1,000 @ 0% Nov '18
Goal: To be debt free by Oct' 31st 2016.
Now debt free!!!0
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