Cancelling a credit card linked to my current account?

VickyA_2

Hi all,

I've read Martin's articles about cancelling un-used credit cards, but I'm still a little puzzled at what to do for the best. Please could someone tell me what they would advise me to do?

I have two credit cards - a Lloyds TSB Airmiles one and an HSBC Mastercard linked to my bank account (when I turned 18.... a good few years ago, I automatically got it). The one that I use the most is the Lloyds TSB card.
Both accounts have a credit limit of roughly £3k.
I pay off all balances in full at the end of the month.

Do I cancel the HSBC card or keep it? Will it be detrimental to me having my account with them?

I'm normally "frightened" of credit cards, but having been given 2 free flights with the Airmiles credit card I thought that I'd give it a go!!

Many thanks in advance.

Rose123

With HSBC......No it doesnt affect your current accout, you just can apply for another HSBC credit card for 6 months from the date the account is close. You might get some issues re opening the account as the sods in the credit card department at times done close the account properly. A request to close the account has to be done in writing.

The credit card will not affect your current account unless you misuse it!

Moggles_2

Everyone should have at least one back-up card, IMO (especially if you travel away from home frequently.)

From a credit rating point of view, you'll find it easier to get the credit facilities and terms you want, having operated both these cards for a bit and built up an unblemished payment history