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Using credit card after paying off in full within promo deal
M2323
Posts: 5 Forumite
in Credit cards
I have a few credit cards that I've paid off within the promo period ending. I am wondering instead of getting a new credit card again, can I use the same one that has the empty balance on it? Will the promo have ended and it will charge me more interest? Am I better to spend on the exisiting card so I don't have lots of cards, or apply for a new one (already approved) for purchases? Thanks!
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Comments
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If you don't have a promo on the card, you'll need to clear in full each month to avoid interest.0
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Ok so I can use the same card but just have to pay off in full? I might be better to get the new one then at 0%. Is there any downside to having a lot of cards that are paid off? I wasn't sure if I needed to 'close' them down.0
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Only if the limits are starting to deter lenders.0
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Some will keep giving you offers though I am finding the ones I now get from Barclaycard to be fairly poor - typically 12 months 0% BT whereas I got 18 months just a few months ago when I last did one. When my current one is paid off I will probably just close the Barclays one and see what offers I get when I next want to spend anything
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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All my current credit cards offer promotions every month: MBNA, M&S, Barclaycard, Lloyds, Tesco, etc. Just log into your accounts and see if there are balance transfer or purchase offers.0
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All will probably have a 2.7% fee or more for a new BT,
just work on your figures, to see if you will save anything over the
time offered.0 -
Almost everyone has a balance transfer amount these days. Especially your brick and mortars like BOA and Chase. Nothing a google search won't capture. I'd say don't cancel it, just don't use it. Keep that credit history as deep as possible my friend.0
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destroycarthage wrote: »Almost everyone has a balance transfer amount these days. Especially your brick and mortars like BOA and Chase. Nothing a google search won't capture. I'd say don't cancel it, just don't use it. Keep that credit history as deep as possible my friend.
Are you aware you have joined a UK site? BOA and Chase are US banks (and you mentioned a payment in dollars in another post)0 -
All the new offers I receive on cards I already own where the original offer has expired offer fairly poor value.
If you have existing "offer ended" cards with a zero balance you would probably be better off cancelling them and then returning in a few months to a year to qualify as a new customer whereby you will probably receive a far better deal.• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0
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