Managing old Credit cards

Zero-point

I need a little advice on which account to keep open and when to close.

I bank with Lloyd's mainly and have a Barclays account.

I have 4 credit cards with varying limits.

I just took out 2 new cards to balance transfer from 2 existing cards where the zero interest has ended.

Shall I close the cards now? I'm thinking in 24 months when I need to shift it again?

TIa

Brie

I'd say keep one card for every day use and then consider closing it nearer the end of the 24 months. 3 months in advance should do it.

CliveOfIndia

It's always a bit of a balancing act. On the one hand, keeping the card open but not using it may trigger another offer, to tempt you to start using it again. But equally, closing the card may trigger an offer to get you to return as a customer. It just depends on their particular marketing strategy at the time.

But if a card remains unused for a long time (typically around 2 years or so), then the issuer will normally close the account anyway.

On balance, I'd be tempted to close the cards that you no longer use. As you say, you may be able to reapply in a couple of years' time if you need to.

Just as an aside … "I'm thinking in 24 months when I need to shift it again?". The word "need" there is slightly worrying. Hopefully yes, you'll be able to do another BT in the future. But it's very unwise to just assume you'll be able to do so.

One other side note. If you use a credit card regularly for routine spending, and always repay in full every month, then you may as well use one that gives you rewards of some kind - whether that be cashback, airmiles, supermarket points, whatever is of most value to you.

Nasqueron

Some card providers take longer than others to treat you as a "new" customer, in my experience Santander was at least 6 months as I was getting 0% on the eligibility checkers, then was able to get one all of a sudden.

Some firms do offers for more transfers, I routinely get Tesco, Natwest, HSBC and Halifax ones but they are often poor compared to what I can get from other providers. Tesco offering me 15 months at 4.99% fee, Halifax currently 4.9% APR for 30 months no fee, HSBC 3.49% fee for 15 months. NatWest isn't bad at 21 months 2.9% but Barclays offering me 2.9% for 24 months and I could probably get a better offer as a new user. Only reason I don't close my cards that are empty is the YouGov finance bribe

Zero-point

https://forums.moneysavingexpert.com/discussion/comment/81920221#Comment_81920221

This is great info thank you. I think I will vlose a couple. Get a new spending one with rewards, though I don't use it often enough, mainly for big purchases or home reno.

I dont need a BT. If I wasn't to get one or be eligible I would be ok as I only tend to spend what I have equivalent of maybe in savings, or investments etc its just good to have the flexibility and stretch my buying power.

Zero-point

I didn't think of the lead time. Thank you thats worth keeping in mind.