Cancelling first card & getting another

KeithJ108

Hi,

About a month ago I got a credit card in a department store because of the loyalty points earned when using the card. After looking at the small print I want to cancel the card because the interest is charged from the transaction date to the date of full payment, with no interest free period mentioned.

I would still like a credit card, mostly as an online payment method. I've looked online and thought I would go for an Egg Money card but have a few questions:

- Should I wait a while after cancelling my current card before applying for the egg card? Would it be suspicious to Egg that I'm applying for a new card so soon?

- I see no limit to the lowest income you can have before applying for an Egg card. I'm currently a student, starting working in a month, am I better to wait until i'm employed?

- Will having cancelled my first card so soon have an effect on getting future credit?

Thx,

latecomer

It will definitely be easier to get a card with a reasonable rate and limit once you are earning so it might be worth waiting a couple of months.

That said I would keep using your card and paying the full balance each month as this will show up on your credit rating and show you can manage your money.