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Should I transfer the balance again?

2 replies 3K views
PeakahPeakah Forumite
3 posts
Hi there,

Some advice needed. I originally had one credit card and when I didn't pay the balance off in time for the 0% interest to end I transferred it over to another 0% credit card. I then did this a second time.

So now I have three credit cards, two with £0 (or a very low) balance and one with around £3,500. If I am unable to clear this in time for the 0% to run out again (which is looking more and more likely) should I transfer the balance again? or will this work against me having so many cards on the go?

Also, should I cancel the unused cards I have? So far I have been using them here and there and paying it off in full straight away.

Any advice appreciated :)

Replies

  • Ben8282Ben8282
    4.8K posts
    Newshound!
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    Yes of course you should transfer the balance again unless you want to pay interest.
    Work against you how exactly? Having three credit cards is far from excessive and probably below average in terms of number of credit cards held.
    If the unused cards offer decent existing customer offers you could use these offers to transfer the balance. Otherwise you could make a new application. From the information provided you do not appear to have excessive levels of debt or be using a very high % of your available credit and, assuming your accounts have been well conducted, should not have any particularly difficulty if you try a new application.
    Would not recommend cancelling the cards at this stage. Obviously if you have a balance on one card, you need the other cards to use for purchases and repay in full every month. If you use the card with the balance on it for your regular day to day purchases you will be charged interest.
  • nic_cnic_c Forumite
    2.4K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    There was a thread a while ago on people saying how many cards and many had several, so three isn't a lot.As stated, no real benefit for cancelling unless you want to use them as a new customer in future - as they are zero or near then they will ensure your utilization is low - after all if you close the other two then when you are applying you have one card with a high balance on and look more of a risk.
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