Old Credit Cards: Should I cancel them Discussion Area

Former_MSE_Dan · 24 January 2007 at 7:01PM

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Old Credit Cards: Should I cancel them?

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The_Boss · 24 January 2007 at 9:16PM

As usual I put this thread forward as a warning :-

http://forums.moneysavingexpert.com/showthread.html?t=175234

killergaf · 24 January 2007 at 9:19PM

Hi there

When I retired, I decided to cancel all of my credit cards, as I would in future be on a low fixed income. When I needed a small loan to help me buy a new car, I was told that I did not have a credit rating.

I contacted Experian and was sent a 14 page document showing all my previous credit history, all good and all paid in full and was told that because I did not have any debt, I was not considered a good risk.

What a crazy system. So presumably if I was an out-of-work waster, I could get all the credit I wanted, because I already had lots of debt. No wonder this country is in the state it is!

The_Boss · 24 January 2007 at 9:22PM

Its not about securing credit by being an out of work waster - plenty of people that work have debts, and employment status and length of time with an employer is a major factor in deciding whether to grant credit.

RDA · 25 January 2007 at 8:45AM

I have a Sainsbury's Bank Gold Card which provides a free annual family subscription to Card Protection Plan worth at least £20 a year.

I don't use the card, but they keep trying to get me to close the account, which I won't until they change their T & C's.

Remember to check all the benefits of your cards before you consider cancelling them.

carpy · 3 February 2007 at 5:20PM

i think the virgin card is worth keeping because 9 months ago they offered me a BT @0% for 9 months with the fee capped at £35 as an existing customer

Hillfly · 15 February 2007 at 12:20PM

Yes and also you get good discounts shopping using the members shop area for Virgin cardholdrs - like 13% off comet etc. Definitely a keeper!

I also keep a Nationwide credit card for overseas trips as they don't charge and transaction fees - they simply convert at the days rate of exchange and that's it.

Amberdarcy · 15 February 2007 at 1:51PM

Hello

A colleague's husband accidentally paid more of his credit card leaving it in credit. He hasn't used the card for 2 years and got a letter this morning charging him £10 for being in credit. Can they do this?

georgewilson_2 · 20 February 2007 at 11:22AM

Greetings!

I too have had a Abbey credit card which has not been used for a while (I keep it for emergencies) and is £3.00 in credit. I have just received a letter from Abbey telling me that if I dont use it they will charge me £10.00 for being in credit !!!! Is this another disgusting ploy by the banks to grab one's money? What ever happened to the days when you felt the banks were decent approachable institutions worthy of your trust? Nowadays, they run on a fuel called 'deceit'. If the devil ever wanted to win advocates, he would call into the banks first !

paradoxia · 23 February 2007 at 1:04PM

Ask them to send you a cheque for the £3 you are in credit - job done!

paradoxia · 23 February 2007 at 1:12PM

Amberdarcy - I think they have to give 30 days notice before they charge you this fee

Old Credit Cards: Should I cancel them Discussion Area

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