Credit Cards: What You Need to Know in the UK

Credit cards can feel like a maze, but the right basics make it simple. Whether you’re hunting for a cashback bonus, trying to move debt, or just want to keep your credit score healthy, this guide gives you straight‑forward advice you can use today.

Balance Transfers and Old Cards

Got a high‑interest balance and see a 0% transfer offer? Good move, but don’t forget the card you transferred from. Most banks will keep the old account open, and how you handle it matters for your score. If you keep the old card and let it sit with a zero balance, it can lower your overall utilization – a win for your credit rating. However, closing the card too soon could shrink your total credit limit, pushing your utilization up and hurting the score.

Practical tip: after a transfer, leave the old card open for at least six months, use it for a tiny purchase, then pay it off. This shows activity without adding debt and keeps the account age contributing positively.

Chase Rules and Multiple Card Strategies

Chase’s 5/24 rule (or the newer 24‑month rule) can block new applications if you’ve opened too many cards recently. The rule counts any card opened in the past 24 months, even if it’s from another bank. If you’re chasing a big sign‑up bonus, check your recent applications before you hit ‘apply’.

One way around it is to space out applications: wait at least three months between each new card, and consider keeping older cards active with zero balances. Having several cards with no debt isn’t a bad idea – it improves your credit utilization and shows a long credit history, both good for the score.

Just remember not to let the number of cards tempt you to overspend. Treat each card as a tool, not free money.

Beyond Chase, every issuer looks at similar factors: payment history, credit utilization, and account age. Keep payments on time, aim for under 30% utilization across all cards, and avoid opening and closing cards rapidly.

Lastly, when comparing offers, look beyond the headline APR. A card with a lower interest rate but no rewards might fit a debt‑payoff plan better than a flashy cashback card that encourages extra spending.

Use these simple checks – utilization, payment history, and timing of applications – and you’ll stay in control of your credit cards without surprise denials or score drops.