Should I hand back my Credit Card?

flateric11

Hello All

You have probably heard this question a million times but I could do with some info.

I have recently paid off a credit card (now has 0 balance).

I don't really need it-should I close the account and hand back the card?

Thanks

jd87

Why hand it back? What use is it to them? Close the account by phone then cut it up and throw it in the bin.

mab2000

Both the banks i have cards with ask you write to them to close an account and include the card with the letter cut up so that they do receive it back.

benf90

mab2000 wrote: »

Both the banks i have cards with ask you write to them to close an account and include the card with the letter cut up so that they do receive it back.

Which banks do you have cards with?

Most don't require it in writing, a simple phone call is enough, and I've never known them to request the card is sent back to them.

To answer the OPs question. It all depends on your circumstances. If it's your only card then I'd personally say keep it, use it and pay it off in full every month.

For more details see this guide:

http://www.moneysavingexpert.com/cards/cancel-unused-cards

For some reason, I can't see that guide linked to from the 'Cards Loans' page anymore since they changed the layout.