We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Should i cancel and get a new card
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
Comments
-
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.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
I would keep it for now - they may give you more promotional offers in the future.0
-
Thats great thank you, nice to know there is no difference between the cards. will keep just in case0
-
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.0 -
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 properlySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
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.0 -
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.0 -
If you dont want to spend you should cancel.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards