Mint Card - Should I Cancel?

mclaughlan · 3 August 2004 at 4:33PM

Hi - I'm after some advice

I have the following cards
Barclaycard Gold - Credit Limit £11,000
MBNA - Credit Limit £6,500
MINT - Credit Limit £5,500

I earn £18,500 a year and have a balance of £6200 at 0% until January 05 on MBNA which I pay £200 a month off. I intend to apply for an egg card (probably) in December to transfer the balance as I like the anniversary interest free offer. Would you recommend egg or something else?

Also so should I cancel the mint card now to lower the total credit I have access to? Or keep it in case they offer me a special offer.

Cheers Ben

Milarky · 3 August 2004 at 4:42PM

Why do you need the big Barclaycard limit, if you are not using it either? Barclaycard are unlikely offer you such good deals as other cards. They limit promotional transfers, so your added credit limit can't be used effectively. I would start by phoning Barclaycard to cancel, and see how responsive they are [but not hold my breathe]

Mint is a brand of RBS - who do other cards. Apply for one of those - on the basis of that 'affliate' relationship - and get a similar deal. You can suggest reducing the Mint credit limit once accepted to boost the limit you might then get. i]And there is another way of [url=http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1076487183;start=2#2]making money out of RBS cards[/url] which, AFAIK, is unique to them[/i

DiggingOut · 3 August 2004 at 10:24PM

Why are you paying them £200 / month? Isn't the minimum payment £5?

Pay them their £5, and put £195 in savings each month. Let their money earn interest for you as long as you have it interest free from them.

If you get another 0% card with egg or whoever, that's great, transfer it over, make minimum payments to egg and build your savings some more.

If you ever run out of 0% offers, then use your savings to clear as much of the balance as you can -- but why not earn interest on as much as you can until then? ;D

Yorkieds · 6 August 2004 at 7:48PM

Totally agree with Digging Out.

Will we ever run out of 0% offers?

mclaughlan · 7 August 2004 at 12:32PM

I've changed my payment to £5 for MBNA and I'm putting £400 a month into a savings account. I'm going to ring barclaycard, and get my limit reduced don't really want to cancel as they are really good for price matching and it has saved me quite a bit in the past. Thanks for the advice

Suzz_2 · 7 August 2004 at 7:28PM

Isn't the min. payment to cards about 2 or 3% or £5, whichever is the greater? Or is MBNA different?

If you have £6200, needing 3% payment, you'd have to pay £186 per month? OK, if the terms allow you can BT it all straight back....

Don't tell me I've been paying more than I need to!!!!

sicker · 7 August 2004 at 9:20PM

Mbna and abbey both only ask for £5 per month, as they both come under the mbna umbrella. Others associated to mbna will probably be the same.

John

Mint Card - Should I Cancel?

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