virgin credit card worth keeping?

shaf00uk

I have to disagree with everyone here.

If you got a credit card and never use it then ditch it and close the account down.

Why? Your credit report will state ALL your credit card that you have. Rather have a few credit cards so that if there is a good deal in the future you can obtain bigger credit limit on a new card.

Right now your credit card could be using some of your credit limit for nothing. Hence ditch it.

LongTermLurker

shaf00uk wrote: »

I have to disagree with everyone here.

If you got a credit card and never use it then ditch it and close the account down.

Why? Your credit report will state ALL your credit card that you have. Rather have a few credit cards so that if there is a good deal in the future you can obtain bigger credit limit on a new card.

Right now your credit card could be using some of your credit limit for nothing. Hence ditch it.

That's too simplistic - someone with an excellent credit rating can afford to hold onto a good card without it affecting them adversely.

As others have said, it's an MBNA card; MBNA are good to those who can manage their finances well (I've heard they're not so good for those with problems) and they have loads of cards, which means there is always an MBNA offer on the go.

So having one MBNA card puts you in a great position for getting a different one - if you phone them up they'll probably let you swap and change it for any of their cards when you see a new deal (obviously so long as you don't take the proverbial).

Moggles_2

shaf00uk wrote: »

I have to disagree with everyone here. If you've got a credit card and never use it then ditch it and close the account down. Why? Your credit report will state ALL your credit card that you have. Rather than have a few credit cards so that if there is a good deal in the future you can obtain bigger credit limit on a new card.

The OP only has two credit cards - Egg Money and the card in question, Virgin

Amy83

ap2000 wrote: »

I have a Natwest credit card which I may cancel. Are they known for repeat offers?

I've had a 6.9% LOB offer from Natwest when I called. Worth a shot at least

King_Of_Fools

I have had two 0% on purchases for 7 months since getting the card for the initial BT. The first one they wrote me a letter to let me know after about a year of not using it. The second I found out about after another 5 months of non-use because I just happened to check the online account.

So I would say keep it.

NickX

shaf00uk wrote: »

Why? Your credit report will state ALL your credit card that you have. Rather have a few credit cards so that if there is a good deal in the future you can obtain bigger credit limit on a new card.

Unused credit is only one of many factors that the lenders take into account when assessing future applications.

As I said before, do not cancel an MBNA card. They are good for repeats, and they allow you to transfer credit limits between different cards from their stable.

In addition they have the lowest Minimum Payments around when you are on a promotion.

SuiDreams

Plus you can purchase high street vouchers at 5% discount through Virgin Rewards

JesseJames_2

SuiDreams wrote: »

Plus you can purchase high street vouchers at 5% discount through Virgin Rewards

Didn't know that.

Do you have a list of the shops taking part, and is it all 5%?

SuiDreams

JesseJames wrote: »

Didn't know that.

Do you have a list of the shops taking part, and is it all 5%?

details are here
http://uk.virginmoney.com/whatshot/discounts/high-street-savings/

shops are Sainsbury's, Debenhams, B&Q, Curry's, Boots, M&S

JesseJames_2

SuiDreams wrote: »

details are here
http://uk.virginmoney.com/whatshot/discounts/high-street-savings/

shops are Sainsbury's, Debenhams, B&Q, Curry's, Boots, M&S

Thanks, I did get to that page though, but cannot enrol to see the full list as I cancelled my card earlier on this year.
Can you cut & paste the definitive list, or is that the full list?