Best options when 0% Purchase CC ends

Frevi

Hi,

I just had my Nationwide Credit Card 0% purchase period end and I was wondering what is the best option for me.

Facts:
-I got the card for only building credit (spending about 25% of the limit only and paying it all off every month)

-I have no balance left on it, I didn`t spend anything after the 0% period

-I have a mortgage offer in place, potentially completed in December

Options

A - Cancel the card and that`s it

B - Cancel the card and open another long 0% purchase credit (or is there an option to switch?)

C - Any other option?

Many thanks

msallen

Just use for the occasional purchase that you would normally make (eg. petrol or groceries) and pay off in full after the statement. 

[Deleted User]

C - keep the card and spend on it every month paying off in full for S75 protection and to keep the credit file looking good

Unless you really need another 0% card then don't bother applying for one unless you can get an alternative card e.g. a Visa rather than a Mastercard

Ebe_Scrooge

Frevi said:

-I got the card for only building credit (spending about 25% of the limit only and paying it all off every month)

Paying off a 0% purchase card in full every month kind of defeats the object of having it.

But yes, in terms of building up a favourable credit history - use the card for routine day-to-day purchases, and (now that the 0% deal has expired), repay in full every month.

Oh, and as long as you DO clear the balance in full every month, don't worry about using only 25% of the limit.  Despite what the Credit Reference Agencies would like you to believe, it doesn't matter.  Feel free to use all the available credit if you want to - just so long as you're absolutely certain you'll be able to repay in full every month.  Never spend more than you can afford, and never carry a balance from one month to the next.

Frevi

Thank you all. This is helpful.