Should i cancel and get a new card

NealeH1875

Hi all,

just a quick one, i took a balance transfer credit card out last year. paid it all off last month which i am so happy about !

my Q is now it is all paid off, do i cancel it off? i dont plan to spend on it again to be honest, i hated having it. or should i get a normal credit card for emergencies which isnt a balance transfer one?

cheers

Nasqueron

No harm in having it, may be useful for emergencies if they do any more offers. There is no difference between a BT card and a normal card, you can still spend on it and pay it off every month and enjoy S75 protection and improving credit rating or you could look for a card offering cash back or other benefits if you prefer.

jonesMUFCforever

I would keep it for now - they may give you more promotional offers in the future.

NealeH1875

Thats great thank you, nice to know there is no difference between the cards. will keep just in case

maxximus75

Once the balance transfer period ends it just becomes a purchase card with the usual 'x' ammount of days before you start to pay interest unless paid in full.


The best thing is to set up a direct debit to pay in full and use it as normal for purchases.


This way, it will continue to add to your credit history and put you in better standing at a later date if you decide to apply for another card.

Nasqueron

maxximus75 wrote: »

Once the balance transfer period ends it just becomes a purchase card with the usual 'x' ammount of days before you start to pay interest unless paid in full.


The best thing is to set up a direct debit to pay in full and use it as normal for purchases.


This way, it will continue to add to your credit history and put you in better standing at a later date if you decide to apply for another card.

Technically even during the BT period it is a purchase card, you just need to be careful with paying it off properly

chattychappy

maxximus75 wrote: »

Once the balance transfer period ends it just becomes a purchase card with the usual 'x' ammount of days before you start to pay interest unless paid in full.

Not quite. Interest runs from the date of purchase. If you pay in full, it isn't applied. If you pay anything less than the full balance, then you get no interest free period at all.

Emily_Joy

NealeH1875 wrote: »

Thats great thank you, nice to know there is no difference between the cards. will keep just in case

Another option would be to wait a couple of months and then approach the card issuer for a better deal.

Rockye

If you dont want to spend you should cancel.