Credit Card Advice

Hi guys,

So I currently have 3 credit cards with okay limits but poor interest rates due to them being from when I was 18/19 to build up my credit score etc which they have successfully done.

So I’m asking, is it possible to reduce rates with my current cards to more reasonable rates or should I close maybe one of my accounts and apply for a new one so that I can welcome higher limits and rates.

I’ve always been one to pay balance in full etc

I went through a similar thing when I got into debt. I started out with credit builder cards and after using them and getting higher limits, I then opened another card with better rates and higher limits.

I didn’t close the other cards until I got much further down the line.

I got myself down to cards which are 6% apr from 38% apr. It took a while to do.

See this is what I was planning but I didn’t know if having like 4+ cards is considered a bad thing? And how long should I was before closing my old high rate cards?

If you pay the balance in full every month, then you won’t be charged Interest, so the % rate on the cards doesn’t matter.


I have 5 credit cards.

All were taken on for different things, not all used now, but always paid off in full. Except the 0% purchase one of course :grin:

IMO, how many you have won’t be as bad as how you operate them. If paid off in full each month you should be fine.

What I would watch though, is the total credit you have access to when applying for a mortgage as lenders may not like it if too high.

And as above :point_up: from @j06 if you’re paying the statement in full each month anyway.

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True that is a good point

Thanks for the advice

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I would recommend you use ClearScore, or MoneySavingExpert Credit Club, to see your suitability for a new credit card. If you’re shown offers with 100% acceptance, that means you’ll definitely get that card. You can then close down an old card once you have your new one.

If you always pay off your bill every month in full (which everyone should do!) then don’t worry too much about the % APR.

it can be possible but it depends on the lender. For example if you have a barclaycard initial card you can graduate to a platinum card with a normal interest rate and perhaps get access to interest free offers. Specialist lenders will most likely not budge there’s no harm in calling and asking though. I would check comparison website to see what’s about as previously mentioned (although don’t use clearscore they are rubbish and only shows cards that give them a juicer commission). Once you have found a card use the eligibility checker on their website this will give the best indication.

  • Llloyds/MBNA/Halifax/Bank of Scotland have a great tool they show you your credit limit and interest rate before you do a full application

  • Try barclaycard their main range of cards seem to be more accessible


Cheers, I do have accounts on ClearScore etc so I will check them out

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Thanks, I’ll have a shop around and see what kind of rates etc I get. Much appreciated