Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • Dribiddi
    • By Dribiddi 14th May 17, 11:42 PM
    • 55Posts
    • 22Thanks
    Should I cancel or not?
    • #1
    • 14th May 17, 11:42 PM
    Should I cancel or not? 14th May 17 at 11:42 PM
    I've been on a blitz of my credit card debt past year or so, at one point it was pushing £20k, which is not too far off my annual salary.

    As it stands :

    1. Nationwide : £0, open for about 6 years 2k limit
    2. Barclaycard : £200, open for about 5 years 4k limit
    3. MBNA : £700, open for about 2 years £5k limit (0% ends July 2017)
    4. Virgin : £3000, open for about 2 years £4.5k limit (0% ends March 2018)
    5. NUBA : £4000, open for about 1 year £5k limit (0% ends June 2018)

    I pay £200 per month into Virgin and NUBA so I approximate when 0% is up I'll owe £1-1.5k on each which I will balance transfer.
    The MBNA on which 0% is up soon I will owe about £500 so I'll transfer that probably and clear it by end of year. Question I have is am I ok to cancel this card? I have no interest in getting into further debt so from a spend point of view I don't need the card and probably won't use it. However it is for me a high balance card I do wonder if I'm best keeping it.....also if anyone has any comments or suggestions about the strategy outlined above be my guest :-)
Page 1
    • Dobbibill
    • By Dobbibill 15th May 17, 5:58 AM
    • 2,548 Posts
    • 3,636 Thanks
    • #2
    • 15th May 17, 5:58 AM
    • #2
    • 15th May 17, 5:58 AM
    Closing the MBNA when the 0% deal ends is not going to do any damage. You have plenty of other high limit cards instead.

    BC are known for existing customer offers so hanging on to that is a good call. And the NW has a long history too, so that would be ideal for fuel or groceries each month - paid off in full of course.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    A person who never made a mistake, never tried anything new.
    • kaiserphoenix
    • By kaiserphoenix 17th May 17, 4:20 PM
    • 18 Posts
    • 0 Thanks
    • #3
    • 17th May 17, 4:20 PM
    • #3
    • 17th May 17, 4:20 PM
    One thing to bear in mind is that by keeping your credit card alive, even with a £0 balance, it means your overall utilization will be low which may help with the credit rating.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,521Posts Today

6,178Users online

Martin's Twitter
  • RT @bearface83: @MartinSLewis check out the @Missguided new 60% off offer. Upping the cost of items almost double to make us think it?s a?

  • RT @efitzpat: Thank you SO SO much @MartinSLewis for your Student Loans refund advice! I just got a grand refunded right before Xmas! Whoop?

  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • Follow Martin