Credit card

jennywheny9

Hi. Just was wondering if I was to close an open credit card account once I've cleared the outstanding balance? I've not missed any payments and ive paid the balance off in the stated time planned. 

D3xt3r5L4b

Why would you close it?

jennywheny9

I dont want them any more, ive done a few balance transfers so ive 5 credit cards but 4 of them have high rates on spending....so I wouldn't use them to buy anything. 

jennywheny9

I was just unsure if closes them they would go against me am sure ive hers this om where but not sure its true. 

D3xt3r5L4b

Just keep it open and use it occasionally and clear the balances in full 

cymruchris

Will you ever apply for significant finance in future? A mortgage? A loan? Car finance? If the answer is a resounding no, and you have sufficient savings to cover yourself from now until forever - close as many as you like. If however you think you'll need a mortgage at some time, or maybe a loan for some home improvements, or a new car on finance, then it's better to keep your cards active and well managed. Use them for your daily spend that would usually go on your debit card - and then clear in full by direct debit automatically after every statement. Available credit on your file that's well managed can be a positive factor if/when you want to apply for further finance. 

jennywheny9

Thank you x

jonesMUFCforever

jennywheny9 said:

I dont want them any more, ive done a few balance transfers so ive 5 credit cards but 4 of them have high rates on spending....so I wouldn't use them to buy anything. 

If the card is clear when you spend - it does not matter what interest rates they charge - if you pay in full by the due date no interest will be due - and you get S75 cover on purchases between £100 and £30,000.
As others have posted - use them once in a while to keep them live - then pay off in full.