Ditch or keep 23 November 2022 at 3:31PM in Credit cards 2 replies 143 views

Sncjw

Hi all

So I'm due to have my 0 percent deal end on my Lloyds in the middle of February but I will have it all paid off at the start of Feb. I have a plan to do this. 

I am wondering if I should ditch it as afterwards it won't give me any benefit. The problem is it's my highest limit I have across my credit facilities. I don't ever pay any interest on debt as I'm good at management of them. 
Even when I used my other cards at the end of the 0 percent deal I pay the debt off in full. 
I have used my Barclaycard abroad and it was paid off when the statement was produced and before the due date so interest even thought the deal ended. 

So I have 

Halifax clarity 3k limit 0 debt 
Barclaycard 3.5k limit 60 on card which will be paid before due date. This card as the benefit of the 0 charges for using abroad. 
Lloyds 7.5k limit 3.3k on card and it's 0 percent deal until Feb which will be paid off. 
Next account 5k limit but no debt on it  and I always pay it off in full usually just sale items. No big ticket items

I have a new m and s card with 0 percent with a 6k limit I have about 200 on it so far which I'm planning to pay just over minimum and add spends for London in Jan and also the final balance of a holiday then it will be paid off in a couple months as using the money that I would pay Lloyds card  then I have that 0 percent available if I need it if we are going to get any big ticket items but I won't use.it for the sake of using it but it will be there. 

I will be saving up 1000 a month after paying off these cards. 

So is it worth ditching the Lloyds as it doesn't have any benefit to me..

I was thinking of keeping the Barclaycard for my holiday in case we need it but we are going to take some cash euros but have the credit card as a backup. 

Just to add that I earn 21k Just in case it's needed as I am trying to think of what details you might need. 

Ebe_Scrooge

Sncjw said:

So I'm due to have my 0 percent deal end on my Lloyds in the middle of February but I will have it all paid off at the start of Feb. I have a plan to do this.

Well done you - someone who actually knows how to use 0% promotions correctly!

Sncjw said:

Halifax clarity 3k limit 0 debt 
Barclaycard 3.5k limit 60 on card which will be paid before due date. This card as the benefit of the 0 charges for using abroad.

The Halifax Clarity also has no FX charges - I think, in fact, it was one of the "original" travel cards.

To your actual question - it makes little difference overall.  Some would say keep it as it's the highest credit limit, and a high credit limit can do a marginal amount of good for your credit history.  But to be honest, if the available credit you've got anyway is sufficient for your needs, then it makes no odds.  I was surprised once to be given a new card with a £15K limit - God, if I ever spent £15K in a month I'd be soiling my underwear, knowing there's no way I could repay it!

From what you've said, it's your call, really just based on whether you want the higher limit available to you.

Perhaps the only thing to bear in mind - it's always prudent to have both a Visa and a Mastercard in your wallet.  Then if there's a glitch with one provider, you've always got a backup.  And sometimes abroad, you'll find some places will accept Visa but not Mastercard, or vice-versa.  I think that's less common these days than it was 20 years ago, but it's still a good idea to have both if you're able.

Just my thoughts - hope it helps.

Sncjw

Ebe_Scrooge said:

Sncjw said:

So I'm due to have my 0 percent deal end on my Lloyds in the middle of February but I will have it all paid off at the start of Feb. I have a plan to do this.

Well done you - someone who actually knows how to use 0% promotions correctly!

Sncjw said:

Halifax clarity 3k limit 0 debt 
Barclaycard 3.5k limit 60 on card which will be paid before due date. This card as the benefit of the 0 charges for using abroad.

The Halifax Clarity also has no FX charges - I think, in fact, it was one of the "original" travel cards.

To your actual question - it makes little difference overall.  Some would say keep it as it's the highest credit limit, and a high credit limit can do a marginal amount of good for your credit history.  But to be honest, if the available credit you've got anyway is sufficient for your needs, then it makes no odds.  I was surprised once to be given a new card with a £15K limit - God, if I ever spent £15K in a month I'd be soiling my underwear, knowing there's no way I could repay it!

From what you've said, it's your call, really just based on whether you want the higher limit available to you.

Perhaps the only thing to bear in mind - it's always prudent to have both a Visa and a Mastercard in your wallet.  Then if there's a glitch with one provider, you've always got a backup.  And sometimes abroad, you'll find some places will accept Visa but not Mastercard, or vice-versa.  I think that's less common these days than it was 20 years ago, but it's still a good idea to have both if you're able.

Just my thoughts - hope it helps.

Thanka for the praise haha..I was due to have it paid off December but had a little expense tgat came around. Also I wasn't hoping to use it for the last bits of the wedding but I had to do so as my now husband income wasn't great but he is in a stable and higher income. We got married in April and had a car insurance added to the car as we wanted to pay in one go. 

Once the cards are paid off we are going to use savings to pay any bills that we can pay annually to not have to pay so much a month and it means that we have more disposable Ibcome as we save a set amount so that we can save but also have fun with. 

I'm thinking of paying the council tax in one go when the bill is due rather than over ten months and may e the water bill if we have enough saved.