Should I close my Credit Cards?

OMAR

Egg Money Card - Limit £500 - Balance £0
Virgin Mastercard - Limit £7000 - Balance £0

Don't know whether I would need these cards in future?......I have spend the last 12 months paying them off!

cally6008

I would close the Virgin card but keep the Egg card "just in case". Stick it in a drawer and dont use it unless you need to for an emergency.

YorkshireBoy

I wouldn't close either to be honest. You have two of the best credit cards on the market there.

Egg Money pays 1% cashback, and is useful for muling purposes (eg, for obtaining very cheap credit card loans).

Virgin Money (ie MBNA) will make special offers available to you (including very cheap cash to your current account) once it's apparent you're not using the card.

sundog

There is something very satisfying about paying a credit card off and closing the account. Try it, its liberating!

anna42hmr

i would be consider cancelling carefully, i have recently cancelled a few cards (had 8, now down to 4) that i rarely used, however if you ever want them back you have to wait between 9 to 12 months before you can reapply

also the average number of cards is 4 to 5 cards so its not like you are over the average. plus having the cards and using sensibly, can also help credit scores etc

plus the cards from mbna often provide speciall offers even to customers hat arent new

NickX

Agree with YorkshireBoy

Egg Money and Virgin are the stoozer's favourites. Keep them dormant until the right time arises.

rodent

sundog wrote: »

There is something very satisfying about paying a credit card off and closing the account. Try it, its liberating!

???????EH ????????????

Loading it up for 12mth at 0% int, on a repeat deal is a far more liberating exercise (i mean in hard cash which you can use to liberate your lifestlye and income with) not some vague short lived emotionally confused state


The Rodent

PS Egg money is not available to reapply for at the moment and is truly a unique card ....NO WAY would i close it.
MBNA ..keep for a repeat offer OR reapply for a new card and shift the credit limit (7K) to new acc at 0% and enjoy upto 16 mths of 0% on the whole balance .............then use this cash in "investments" to double or even treble itslef over 12-16mths ................Cant be done ...........Hmmmm ......it's what i do for a living !


The Rodent

johnllew

NickX wrote: »

Agree with YorkshireBoy

Egg Money and Virgin are the stoozer's favourites. Keep them dormant until the right time arises.

All the old-timers agree - these are two cards you definitely want to keep.