Close credit card?

Mimi_Arc_en_ciel

Hey, 

I am currently paying off my debts (they're on 0% credit cards at the moment) 

I have just cleared a debt with BC, the credit card doesn't have any annual fees to it, neither am I planning on using it. The available credit on it is 13.5k 

Now - here's my question 🙂 

In September I have around 9k of debt that will need to be transferred to another 0% card. 

Do I

1, Close the BC which will lower my availabile credit but will increase my credit utilisation 

Or 

2, Keep it open, which will help my credit utilisation and they could potentially give me another 0% offer before sept and will give me a longer 'account'

I don't plan on taking credit out (until Sept that is!). My credit rating is currently 'Fair' with a 'good' affordability score - this is from the MSE credit club and doesn't include any payments I have made this month. (Waiting on a refresh) 

Many thanks for your input 

M x

ManyWays

I suggest leaving it open and start looking for a new transfer in August. If you get one, then either close this card or the one you clear then; consider the age of the account and the interest rate when deciding which to keep and which to close. 

fatbelly

I agree. There will be those who say to cancel it to avoid temptation.

But Barclaycard do give existing customer offers so personally I'd keep it open and see what comes your way

Mimi_Arc_en_ciel

Thanks both, I was swaying towards leaving it open *just in case* I get an offer 🙂

enthusiasticsaver

I would agree you should leave it open  to see if they offer you a 0% but if you will be tempted to spend on it then close it. 

RAS

Consider reducing the limit?

Mimi_Arc_en_ciel

RAS said:

Consider reducing the limit?

The limits higher than what I would need for the balance transfer but if I lower the limit then it will show I am using nearly all the credit. I think it's better to show there's a gap but Ty for the reply 🙂