CreditCards Blog

Hi

I have 5 credit cards which I owe money on (I owe 17,300) I have a Lloyds Duo credit card with a 12,000 limit with zero balance on it, the only offer they have at the moment is 4.9% for 6 months with a 3% fee. I'm wondering if I should just cancel the card or if I should wait to see if they have any better offers in the next few months as I want something for longer than 6 months (I got turned down for the Virgin card 0% for 16 months).

I have just had my A&L revert back to 18.9% I owe 6,000 on it, had a letter on Saturday saying the APR is going up to 21.9% from January.

Ideally I would like to have just 2 cards so the Lloyds one would be ideal as it has a 12,000 limit (I have Barclaycard with 7,000 on and it's 6.9% until paid off so would keep that).

Just can't decide if I should cancel the card (and maybe see if they come up with a better offer if I say I want to cancel it - I bank with Lloyds) or keep it.

Thanks for any advice/replies.

Id cancel it. 12k is a large limit to have, and if you wanted to open a new card for a 0% deal/transfer the 12k is likely to score heavily against you. It is unlikely that as an existing customer you would get as good a deal as a new customer.

If anything, cancelling it would prevent you from spending on it and getting into more debt.

Thanks TrickyDicky

Am seriously thinking of cancelling it later, will see if they can do a better deal on Balance Transfers and if not will close it down.

At least it's one less to worry about, I don't want to be doing BT's all the time as it adds on to the debt so will just try and pay as much off A&L as I can (once I've bought my last few Xmas presents).

Thanks again.