Closing bank account but keeping Lloyds Credit Card

Bromis

I'm caught up in all the fuss around overdrafts. I'm lucky I can wipe my £1800 overdraft out quite quickly by just not spending so frivolously for a few months. I do my day to day banking with Barclays and clearing my overdraft will actually give me the push to move over my last few direct debits and close my Lloyds account for good. I was just wondering, if I do close my Lloyds bank account could I keep my Lloyds credit card? Is this separate to my bank account. It has a balance of £8400 at the moment, I can move it over to another card but I recently took up a 0% offer with Lloyds. Thanks.

Candyapple

Yes you can close your Lloyds bank account and keep the credit card with them - they are two seperate products.

Bromis

Thank you

System

Why don't you cancel the OD facility (if it's too tempting) and keep it as a spare current account?

Dobbibill

I agree with Heng Leng - a spare account is handy either as a spending account vs bills account elsewhere or just in case your one and only account has problems. Bank outage, lost card, frozen account etc.

radoslaff

You can close the current account and keep the credit card but this might cost you some money. E.g. if you have Club Lloyds current account and Choice Rewards credit card closing the former will increase the annual fee for the latter from £12 to £24. I know that it's not much when you have a balance of £8400 but still. Depending on the period that you've had this account for, closing may also have impact on your credit file in the field of stability. So you should think what you really need and then do it.

StopIt

I see no real benefit to closing the account yourself.


Rather just pay the OD and use your other account as your main account. Or, use the switching service and move to a bank that offers you cash to move.