Is it bad to switch once 0% period is over?

Chhvbkx

Hello!

Brand new to the world of credit cards and am looking for a definitive answer if possible as elsewhere I have not been able to find one 🥴

Is it bad for one's credit rating if they close an account after their 0% period is up (all paid off) to then open another 0% card?

Could someone continue to do this every 2 years (or however long 0% period lasts) for rest of life and it not be harmful to credit score?

Looking forward to reading your responses 🙂

[Deleted User]

It's not about scores, but about credit management. 

You could close old accounts if you wanted to, but generally there's no need. You would also want to make sure you have a suitable number of active accounts.

Vinknut

You need a plan to pay it off - you can't assume that you'll have another 0% deal to switch to.

But, yes, if you keep finding offers, you can keep switching. Your "rating" might take a hit, but thankfully no-one but you can see it - so it doesn't matter.

Lenders will assess you on their own criteria - some might think that you've skillfully made the best use of available offers, others might think that you're struggling to pay it off. If you pay just the minimum during the 0% period that might be viewed unfavorably because some lenders don't like lending to people who just make the minimum payment, however some lenders might see that as a sensible move, seeing as it's at 0%.