CLOSING AQUA CARD

TahmidurMiah

Hello everyone,
I was thinking of closing my Aqua card since I don’t really use it but has outstanding balance of £1000 but can easily be paid off in full and has a Apr of 29.7 with a credit limit of £9000. I had this card since 2006 and I don’t really need it as most of my credit cards have low Apr and 0% spending. But I also think I should just keep the card as it will help my credit utilisation so does anyone have any suggestions?
Thanks in advance

[Deleted User]

As always, it depends.

What cards, limits, income and , debt and age of cards do you have?  

But first, get that balance cleared ASAP.

Malkytheheed

If it can be easily paid off in full why on earth are you carrying a balance at 30% APR??

alewin

TahmidurMiah said:

I don’t really use it but has outstanding balance of £1000 but can easily be paid off in full and has a Apr of 29.7 with a credit limit of £9000. I had this card since 2006 and I don’t really need it as most of my credit cards have low Apr and 0% spending.

You quite obviously use the card and need it, no other way to explain having £1000 debt on it at such a high interest rate.

PRAISETHESUN

I agree, pay it off - the interest you are getting from £1k in savings is completely wiped out by carrying £1k debt at ~30%...

If you aren't tempted to spend on it, I don't see any reason to get rid of it as it may be useful to show the longevity of your existing accounts. If your other accounts are of a similar age then it probably doesn't really matter, but it can't really hurt in my opinion to hang onto it.

TahmidurMiah

alewin said:

You quite obviously use the card and need it, no other way to explain having £1000 debt on it at such a high interest rate.

I don’t really use the card I only keep a balance as I want my credit utilisation under 30% and like I said I can pay it in full so I’m going to pay the balance and close the account 

[Deleted User]

That's insane.

If you paid the debt off, your utilisation would still be under 30%, but you'd be considerably wealthier.

cymruchris

Pay the balance and keep the card. Set up a direct debit to collect any future balances in full. Use it once a month for your grocery shop. Keep the card active - keep it used - pay in full monthly without fail - that'll help your credit history. Long standing accounts are better for your history.