Closing old credit card accounts

jamez79 · 6 June 2005 at 6:56PM

Hi,

I have been following advice from this site for a while now and am very pleased with the results. I have a quick question though.....

Once I've used the interest free period on a credit card and swap to another, most of them are no longer any use to me (other than egg with it's 0% for 5 months annually thing) At present the old accounts are still open but not being used. I assume it is best to close these old accounts rather than leave them and just save the odd card for emergency use etc.

What information do i have to provide to the banks/building society in order to close my accounts? Does anyone have a Pro-forma letter to send to card companies to get the accounts closed when finished with?

Many thanks in advance.

jamez79 · 6 June 2005 at 7:10PM

Thanks for your help and speedy reply. Any idea on how long it'd take (time period) for the card company to class me as a new customer to take their 0% deals again?

Thanks again

Jamez79

marvin · 6 June 2005 at 7:16PM

Al_Mac wrote:

Just write to customer services saying please close card number nnnn nnnn nnnn nnnn and confirm in writing that this has been done.

Marbles for some reason still haven't closed SWMBO's, having been asked twice.

Some companies keep them open until card expiry.

:beer:

Many will keep it open until it is clear there are no standing orders set-up on the account.

I still can access 2 cards from Virgin online one of which has been closed for 2 years or so and another i have opened (and closed) since then.

calleyw · 6 June 2005 at 7:22PM

Marvin,

Is correct. Even though you have requested the account to be shut and no longer have the card the account stays open for up to three years. In case you have something that is yearly payment on it.

Radio 4's moneybox ran an item on this way back in 2003. For the item please look here

Hope that helps.

Yours

Calley

BenL · 6 June 2005 at 8:15PM

I usually write "I confim I have destroyed all cards and credit card cheques associated with this account"

"There are also no pending transactions for this account"

Ask for written confirmation as well.

I used to work for a bank in the closure team years ago and we would have to write out for cards and chequebooks unless the customer said they had destroyed them or we had them insight.

Ben

Clariman · 6 June 2005 at 10:43PM

Just telephone them or write to them asking that they (a) close your account, (b) inform the credit reference agencies of the closure and (c) write bank to confirm that they have done so.

You also asked how long it takes to be treated as a new customer. The answer is it varies from lender to lender. Most would treat you as a new customer after about 6 months, however MINT only treat you as new after 8 months and CapitalOne treat you as a new customer almost straight away !

Clariman

Closing old credit card accounts

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