MBNA cc - should i close and reapply?

longwalks1

I've had an MBNA credit card for a couple of years for the previous introductory offer, and cleared it all before it ended (i always do).  Since then, its not been used for approx 10 months.  Credit limit of £14,200.  I called to close it completely, to tidy up my finances, but they offered me a further 0% on purchases for 6 months from any date I choose between now and 8th May 2022..

I've seen 0% on purchases for 20 months with MBNA for new customers, I've got a couple of larger garden item purchases to do, should I close my card down fully, wait then apply as a new customer, or do i risk loosing the higher credit limit (not that I'll need it that high)

[Deleted User]

It's generally better to keep older cards open anyway as it shows stability, plus the high limit / low utilisation is a good thing for your credit file. If you close it anyway you risk not getting another card from them or even one with a lower limit that isn't enough for your needs.

CRISPIANNE3

britishboy said:

I've had an MBNA credit card for a couple of years for the previous introductory offer, and cleared it all before it ended (i always do).  Since then, its not been used for approx 10 months.  Credit limit of £14,200.  I called to close it completely, to tidy up my finances, but they offered me a further 0% on purchases for 6 months from any date I choose between now and 8th May 2022..

I've seen 0% on purchases for 20 months with MBNA for new customers, I've got a couple of larger garden item purchases to do, should I close my card down fully, wait then apply as a new customer, or do i risk loosing the higher credit limit (not that I'll need it that high)

It may be worth exploring the possibility of trying to swap your card with another MBNA card. You can do this online and I have done this a few times with Lloyds and HX cards. 

funkycredit

Or just get a different card. So buy as normal on MBNA and do a BT to new card with better period and / or open a dual card which allows purchases & BT's. 

Jinjin1983

I have 3 MBNA cards, i usualy apply for a new purchase card when the previous one ends, and always get a good offer of between 15-18 mnts 0,% interest free.

longwalks1

Thanks all - was offered a 0% on purchases for 21 months from my bank (lloyds) with an identical credit limit so went for that, and have closed the MBDA card down fully.  Thanks all for the advice

Change in circumstances now means a replacement car might be needed before finishing the garden grrrrr

[Deleted User]

britishboy said:

Thanks all - was offered a 0% on purchases for 21 months from my bank (lloyds) with an identical credit limit so went for that, and have closed the MBDA card down fully.  Thanks all for the advice

Change in circumstances now means a replacement car might be needed before finishing the garden grrrrr

Not really much point in closing it, having 2 cards with that limit makes your utilisation lower and the older card shows more long term stability than the new one