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0% Balance Transfer Card - Paid off. Keep or Close ?
workingboy
Posts: 314 Forumite
in Credit cards
Paid off my 0% Balance Transfer Card.
Should I use it as a Credit card with a high credit limit, but currently the rate stands at 25% apr changes with bank rate or should I cancel the card now. If I should need another 0% balance card in future.
Should I use it as a Credit card with a high credit limit, but currently the rate stands at 25% apr changes with bank rate or should I cancel the card now. If I should need another 0% balance card in future.
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Comments
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They may offer you another deal at some point. My MBNA cards rarely go more than a couple of months without some enticing offer. As for the 25% APR that only matters if you use the card and don't pay in full each month. But presumably you have another card already for purchases.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Yes, another 2 at lower interest.
The 0% transfer card has been paid off for 2mths with no offers as yet and no purchases made on the card.0 -
If you only have 3 cards the only logical reason to close the card would be if hope to get that card again and you need to become a 'new customer' and have to wait an extended time for this. Times vary by provider, it can be instant/90 days/1 year/2 years and probably limits in between I've not encountered. If you are not wanting to reuse that offer any time soon leave it open to keep utilisation down as others have mentioned.0
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My advice would be to never close off a decent sized credit line…Best Regards,
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Keep it, it keeps utilisation lowOld enough to know better...........0
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if it's your highest credit limit card, keep it, same if it's your oldest card.
With only 3 cards, there is no real need to close it. the only benefit is if you want to reapply as a new customer, but before doing this you need to look how long it is before they consider you a new customer.
Also look at other routes, e.g I have an MBNA card that was unused and going to close, but they regularly offer money transfer deals (e.g. no fee low APR), so have combined this with a no fee BT card. It means I will pay just a few days interest (few pence per £1k), much cheaper than using a normal card as the mule card.
When you say future BT card, is it a balance you are carrying (even if at 0%) that you are shifting around?0
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