Second credit card

KathrynH

Is it better to apply for a credit card whilst already having one with a £0 balance or closing that account and then applying for a new one? 

MorningcoffeeIV

Keep them all and don't close them once you have another.

Volcane

Yes, as above. Never close a line of credit as repeat offers are possible.

KathrynH

Thanks i wasnt sure if having more than one made it look like I'm relying on credit!

Brie

KathrynH said:

Thanks i wasnt sure if having more than one made it look like I'm relying on credit!

It only looks bad if you are using all the credit available and never clearing it to zero.  Lots of us have cards for different reasons.  I have one that has a 0% deal on it, another I use for foreign holidays and another for day to day spending.  The 0% deal has a balance on it that I pay a bit more than the minimum DD each month.  The other 2 are cleared in full each month.  Net result is my credit history shows a good management of all of the cards which is a positive thing.

lr1277

Reasons for not closing your existing card: in case you have anything you want to return or for which you want a refund. Also is there anything you might claim S75 protection?

Whether you get a 2nd card may also be determined by your current salary/income. This will be determined partly by your salary/wage/income and also the credit limit on your existing card. Any new card provider will assess all these factors (and others) to determine whether they can give you a card and if so the credit limit they will offer.

WillPS

MorningcoffeeIV said:

Keep them all and don't close them once you have another.

Seems very monotonic advice. I close mine as a matter of course when I have no further use so that:

1. I am eligible for new customer offers again, at some point, which are normally way better than any existing customer offers
2. When seeking further credit elsewhere my 'available credit' on a card I don't use doesn't block me getting what I want.
3. I am not paying any fees (particularly in the case of Amex but I've also closed a Tesco Bank card recently for the same reason)

martinbainbridge1975

I am in the same position - Tesco promotional offer has just finished but keeping the card open as it is suggested by other members here that repeat offers will follow.   MBNA, Lloyds. Halifax are a few from memory who give repeat offers

Altior

Tesco allowed me to get a second card in my own name, legitimately. I was able to get the second card with a better deal, then shift the maximum credit over from the old card to the new card (combining the two and closing the original) keeping the more appealing deal on the whole lot.

Shut the cards that don't offer existing customers new deals. 

Fingerbobs

Personally, I always close cards which I no longer have a use for, unless there is some feature of them that's potentially useful (e.g. an unusually high credit limit, or fee-free Money Transfer offers). That said, I've typically got a lot more than 2 cards on the go! (currently 12 as I write this, but about to close two of them)
Reduces my total "available credit" showing on my credit files, and it improves my chances of being eligible for "new customer" offers further down the line. 

That said, if I only had 2 cards, I'd keep them both. 

This isn't advice, and I'm not saying it's the "best" thing to do, but it's what I do.