Close credit cards? Balance transfer to one card then another?

foxlycett

Looking for advice on where to go from here:
I have 4 credit cards and 2 of them are empty, I'm not whether I should close any of them or not.
Summary:

1. Tesco Credit Card - limit £9000, balance is £3000 (paying expensive interest)
2. Tesco Credit Card - limit £2000, balance is £0
3. MBNA Credit Card - limit £2100, balance is £2000 (0% interest rate for 18months)
4. Barclaycard Credit Card - limit £2800,balance is £0

I thought about closing either my Tesco or Barclaycard. I never get any offers for my Barclaycard but I get occasional ones for my Tesco accounts. Maybe I should close both, what do you think?

Additional question: Can I do a balance transfer from my tesco credit card to my barclaycard and then back to my 2nd tesco credit card? That would mean I could use 0% offer that tesco are offering me. Is that allowed?

Thanks in advance, I'm new to this

Candyapple

foxlycett wrote: »

Additional question: Can I do a balance transfer from my tesco credit card to my barclaycard and then back to my 2nd tesco credit card? That would mean I could use 0% offer that tesco are offering me. Is that allowed?

Yes you can do this. Although your balance at Tesco is £3k and your Barclaycard limit is only £2.8k. Barclaycard only allow balance transfers up to 90% of the balance so you'd only be able to move over £2.5k, leaving you with £500 incurring interest on the Tesco card unless you were able to clear it relatively quickly.

The second Tesco card - is it an old 0% purchases/balance transfer card that has run its offer?

I'd probably do the balance transfer as above then close Barclaycard and Tesco. That way if you want to take advantage of a new Tesco card deal in the future you can do, and same goes for Barclaycard especially now they have currently reigned in their policy and you can only have 1 of their cards.

foxlycett

Thank you for that, that has been very helpful. I will go ahead and try that. Thanks again!

Sharon87

Or do the 2.5k transfer to Barclaycard then to Tesco, once the balance is clear on Barclaycard then transfer the rest. See if Barclaycard offer a 0% fee life of balance transfer, then you don't pay 2 fees then.

I find for me Barclaycard offer me loads of deals, but Tesco are rare! Strange how different people experience different things.