Gateway Tire Credit Card Account: Should You Cancel It?

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Gateway Tire Credit Card Account: Should You Cancel It?

Postby aarw » Sat Sep 28, 2013 12:54 am

In the summer following my senior year of high school, I remember I signed up for my first credit card. It was from Sears. That led to another from JCPenneys. Within a few months, I was practically saying "yes please!" to every cashier who asked if I wanted to apply for retail card account.

That was 5 years ago and I have since learned a lot about the downsides of credit and retail accounts in general, because of their high interest rates and lack of useful benefit.

However I still have a recent retail account which I opened up 5 months ago, a credit card from Gateway Tire. The primary reason was because I was offered a better deal if I opened the card and since it was an unexpected purchase I would have needed to finance anyway I bit the bullet one more time.

Now I am left with a Gateway Tire credit account that is half way paid off. I'm itching to get rid of it now that I know paying it off will be a stretch since I purchased a house that needs a new roof among other things.

Would it be foolish to do a balance transfer from Gateway Tire onto another of my cards or a new offer and then cancel it. With an account being only 5 months old, would it be better to keep it open after cancelling the account.

Thanks guys.

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Postby leev18 » Sat Sep 28, 2013 4:03 am

If you don't want to use it anymore, then simply don't use it anymore by destroying the card. The credit card may cancelled itself out after a long time of inactivity.

If you're still making payments on it, then you can try to apply for another credit card with a much lower APR, or one with a 0% APR intro. Afterward, try to "balance transfer" from your Gateway Tire credit card to the new credit card. That way, you can pay off what you owed with less or no interest at all.

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