Interest free period ending - advice?

2x45

Hi there,

I currently have a credit card with Virgin Money, I still have a balance to pay back and the interest free period on purchases is ending this month.

I use the card to buy football tickets twice a year (always a big outlay so better for me to pay off in monthly instalments via credit card) and will need to do this again in July, should I get a new interest free card? From a credit health perspective, would it be better for me to keep the exist card and pay off the remaining balance slowly or pay it off in one go, and close the card, before getting a new one? 

I don't have much experience with credit cards, so excuse me if this is a silly q. 

MallyGirl

There are more 0% offers (with no fee) on purchases than there are on balance transfers (and these usually have a fee). 0% on purchases usually have a longer length of deal too. If you can get an additional card with 0% on purchases then that would be best but make sure that you can pay off during the 0% period. You still need to pay off the current one asap if it is going to start charging interest
Read the small print as some - maybe the Virgin one - that only give 0% on purchases in first 3 month so that wouldn't support your twice a year need.

2x45

Thank you! If I pay off this one before the interest free period ends, should I close the card and get a new one?

MallyGirl

2x45 said:

Thank you! If I pay off this one before the interest free period ends, should I close the card and get a new one?

if it is your only card I would probably keep it and apply for a new one to sit alongside

MorningcoffeeIV

2x45 said:

From a credit health perspective, would it be better for me to keep the exist card and pay off the remaining balance slowly or pay it off in one go, and close the card, before getting a new one? 

Neither.

Pay it in one go before it incurs interest and keep it open.