Cancelling a credit card

Davey_2

Just a quick question, whats the easiest/quickest way to cancel a credit card account. I have a Lloyds TSB Advance card which I balance transfered a debt onto for a %0 interest rate. Now i've paid that amount off I have no reason to have this card anymore, especially as it has reverted back to its usuall interest rate.
I also have a Capital One Platinum card at %6.9 with a £7500 limit, nothing owed on it, and a HSBC Gold card , not sure about the rate, £2000 limit, again nothing owed on it.
I use the HSBC card to pay for my ISP and for an online gaming subscription and pay this off fully as soon as the amount shows on my online statement. Also would it be a good idea to keep the Capital One card as has a high limit, low %apr and would be good for emergencies. Definately want to get rid of the Lloyds card tho. Any advice please

lisyloo

Phone them up to cancel or if they have some sort of "secure messaging" service they may accept that (probably won't accept normal email).

Each company varies in their procedures, some want you to send the cut-up card back, some just want you to cut up the card. Others want it in writing.

In general I have found it possible to close accounts over the phone or by secure messaging and have just been told to cut up the cards.

Personally I think it's a good idea to get rid of them if you are not using them for several reasons

1) they can't be used fraudlently if you close them
2) in most cases its good for your credit rating
3) unused cards could be stolen without you noticing for a while as you aren't using them often so you won't notice
4) some companies might sneak in "low usages" charges, so unless you want to read the small print on every T&C leaflet then it's less hassle to get rid of them.

sicker

I just cancelled my Capital one card this morning as 0% finishes early May. I did this by a phone call and the lad there advised me they would confirm cancellation in writing and also that I could apply right away for a new card. No waiting period which did surprise me but it would surprise me even more if I was accepted so quickly.

John

YorkshireBoy

lisyloo wrote:

Each company varies in their procedures, some want you to send the cut-up card back, some just want you to cut up the card. Others want it in writing.

The one thing they all have in common is they clearly detail the correct closing procedure in the T&C's/credit agreement, which is always the best place to look.

To the OP...In my experience, LTSB will offer you a 6 months 0% fee-free BT to get you to keep the card open.

MushyPeas

When phoning to cancel cards make sure you check out the saynoto0870 website to ensure you get cheaper phonecalls! I do that all the time now and use the free minutes on my mobile

Quiet_Life

Advice given on Working Lunch, BBC2, was to cut up card and send it back with a letter stating that you are closing the account and request confirmation in writing from them that they have done this, as it is a very grey area and it's best not to rely on a phone call for cancellation.

The_Boss

sicker wrote:

I just cancelled my Capital one card this morning as 0% finishes early May. I did this by a phone call and the lad there advised me they would confirm cancellation in writing and also that I could apply right away for a new card. No waiting period which did surprise me but it would surprise me even more if I was accepted so quickly.

John

Good luck. 6 months after I closed my account, its still showing on my credit files as open. Despite many letters saying it is closed and the people on the phone confirming it, their monthly updates to the CRAs still show an active card with a balance of £0. Experian wrote to them months ago and still no change.