Should I close this CC or keep it open?

fimonkey

Briefly: I had a 0% CC, with 3K limit. Was 10 months into 12 month deal and stupidly went over limit, so charged £12 and 0% interest cancelled. Have called and the £12 charge has been refunded but they can't/won't do anything about the interest rate... so I am going to pay this card off in full today (had the equivalent amount in savings).. but should I now close this acount seeing as it has no deal on it?

I want to look around for another 0% deal and do the same again (spend on CC, save equivalent) but would I get another CC with 0% if it's recorded that I went over my limt? (No payments have ever been missed). Should I keep current CC open until I get the new 0% deal or close it? (I already have another nationwide CC with £0 balance and a £2250 limit).

Thanks in advance for the replies.

fimonkey

so 29 views of this message so far, but no one can say whether it's best to close this account first THEN open another 0%, or keep this one before opening 2nd 0% then close this one?

Moggles_2

Which credit card is it?

Bismarck

fimonkey wrote: »

Briefly: I had a 0% CC, with 3K limit. Was 10 months into 12 month deal and stupidly went over limit, so charged £12 and 0% interest cancelled. Have called and the £12 charge has been refunded but they can't/won't do anything about the interest rate... so I am going to pay this card off in full today (had the equivalent amount in savings).. but should I now close this acount seeing as it has no deal on it?

I want to look around for another 0% deal and do the same again (spend on CC, save equivalent) but would I get another CC with 0% if it's recorded that I went over my limt? (No payments have ever been missed). Should I keep current CC open until I get the new 0% deal or close it? (I already have another nationwide CC with £0 balance and a £2250 limit).

Thanks in advance for the replies.

don't see it matters too much if you went over your limit once if they got to charge you for it and you paid the charge and all the balance...

for discussion, I'll assume that it's an MBNA type card - if it's not please ignore.......no doubt a true MBNA pro will be on soon but in the meantime - if you pay it all off and leave it for a few weeks you should be able to phone them up and ask for a current offer and the odds are they'll give you a repeat deal for approx 9 months.

Alternatively, you could cancel and reapply and risk whatever limit they grant you but maybe get a longer period....depends on how likely you are to get accepted again really....

fimonkey

Cheers Bismark. Its a Halifax One mastercard,,... does that make any difference?

CannyJock

General consensus is that you won't get a repeat offer on the Halifax cards, so no point holding onto it. Clear it and cancel it I'd say. Then you can wait the appropriate amount of time and apply again as a new customer.

It can take up to 2 months for it to show as Settled with the CRA's, so won't make any difference that it's actually paid off unless you wait the 2 months.

If you want to maximise the credit limit on your next application, wait the 2 months, if you need a card before then and it's been 10 months since your last application then half decent chance of getting a card anyway. Depends if you're willing to wait I guess.

fimonkey

Cheers Canny Jock, perfect info. I can wait for a few months, so that's what I'll do, and bye bye Halifax CC.