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Being 'clever' with credit cards. Advice appreciated.

(2 Posts)
AnythingForAQuietLife Mon 02-May-16 22:33:20

Hello. I recently needed a short term and comparatively small cash injection (for a new business) and rather than go with a bank loan I decided to take out two 0% interest credit cards. I'm not in debt (besides a bit of overdraft) and have regular income with freelance work so I wasn't worried about paying off the credit card. I have now (within three months) paid off one of the credit cards in full and am in a position to pay off the other.

However I would like to (in the same way) 'loan' myself again using credit cards (this honestly won't become a habit; I'm very savvy with finances and I simply agree with Martin Lewis, the money journo, that if handled sensibly 0% credit cards can be of huge use). I'd like to have a bit more credit but (mainly) I'd like to have a few more months 0% interest free.

My question is... should I pay off the second credit card and close both accounts then reapply for one or two brand new credit cards, taking the risk I'll get a better deal or at least the same cards / credit and my twelve months interest free period will start over again...? OR should I keep the two cards I've got and re-use them for credit. The problem with the latter is that my 0% interest free period runs out later this year.

Hope this all makes sense. Any advice appreciated.

Crinkle77 Tue 03-May-16 10:43:21

If you applied for two credit cards quite recently then applying again for another 0% in a short space of time might be damaging for your credit rating.

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