New CC with less APR 11 May 2022 at 11:00PM in Stoozing: free cash from credit cards 2 replies 304 views

MrLatte

Hi All, 

Ive had a Vanquis and Capital One CC for years and the limit has never increased. I was then offered an Aqua Card with 0% balance transfer and purchase for 4 months. Unfortunately the APR was 59.9% so I've used and repaid in full in the hopes the variable APR may reduce as opposed to limit increases, but capital one have now popped up with 6 months interest free on both transfers and purchases with an APR of 34% (or around that) so that's completely taken over Aqua. Would it be beneficial to close Aqua or any other Credit cards down? 

From my quick research on here it seems that long standing credit cards are good to leave open irrespective of whether they're used, but I'm not sure what's the best option with Aqua? 

[Deleted User]

There is no point closing old cards down, the APR is irrelevant if you pay off in full every month (unless your card is really weird), just keep spending on it, paying off in full, rinse and repeat

They won't change your APR, but again, APR should never be an issue as you should never be borrowing on it. If you have Vanquis and Capital one and have used them properly for years, why not try and get a better tier of card e.g. one with cashback or bonuses?

spinningsheep

As Farfetch said, try eligibility for a mainstream card.a few years of managing the sub prime cards well has paid off.  I was a "normal card" credit periah for years, having Cap one card and Vanquis and 118118 card. I was approved for ASDA Money/jaja back in June and most shockingly, Amex BA AVIOS a few days ago, with a 26.9% APR, but these days I pay off my balance I full every month unlike my dire days of running a balance on cards with eye watering interest rates.