Should I cancel Credit Cards....

Bella198421

I have 4 credit cards , three have zero balance but no interest free periods left on them, one runs out at the end of this month. The limits are
£1100, £500 and £500. I also have one with a balance of £311 (£900 limit) and I am trying to get that cleared as soon as possible. I want to keep one for emergencies but I really don't think I need the rest. One is with Thomas Cook and I think I want to cancel that one the most. The other are with Halifax and Virgin. Is is easy to cancel the card? Do you just phone up and ask them to cancel.

Bob_the_Saver

With such low limits, IF they are going to be used properly why not keep them all active, one day you might have a real emergency, not feeling like a new car or a holiday or any of the other stupid excuses people use, I'm sure that these wouldn't apply to you. Look at the trouble people have getting the things, if you are in control
hang on to them.

Bella198421

Bob_the_Saver wrote: »

With such low limits, IF they are going to be used properly why not keep them all active, one day you might have a real emergency, not feeling like a new car or a holiday or any of the other stupid excuses people use, I'm sure that these wouldn't apply to you. Look at the trouble people have getting the things, if you are in control
hang on to them.

I don't really want to use them though cos of the interest unless it's an absolute must. I thought cancelling them might give me more of a chance of getting another card but with a zero interest period on. I don't feel like they're low limits they're high to me especially the £1100 one.

Moggles_2

Virgin cards are backed by MBNA, which is one of just three lenders that allow you to route money through your bank account at balance transfer rates. In addition, market-leading follow-on offers, mean Virgin is worth keeping in your deck, IMO.

Also, everyone should have at least one back-up card. No credit card is 100% reliable and sadly there's the ever-present possibility of fraud which means your card could be blocked temporarily through no fault of your own or the provider. What's more, if your lender varies your Ts & Cs or cuts your limit without warning, you have an alternative to hand. From a credit rating point of view, it makes sense too.

Lenders like stability so, when selecting a back-up cc, I'd choose the one you've held longest with the most generous credit limit.

Moggles_2

Is is easy to cancel the card? Do you just phone up and ask them to cancel?

Yes, a phone call to customer services is normally all that's required to cancel a credit card, but ask the lender to confirm closure to you in writing.

Most providers do not ask you to return their cards. You're simply requested to cut them up.

If you believe you have an excess of available credit, it's advisable to check your credit reports to make sure the a/c is marked "settled" before you submit a credit card application.

The whole process (from the initial phone call to your lender) can sometimes span a couple of months, so allow plenty of time

Bob_the_Saver

Bella198421 wrote: »

I don't really want to use them though cos of the interest unless it's an absolute must. I thought cancelling them might give me more of a chance of getting another card but with a zero interest period on. I don't feel like they're low limits they're high to me especially the £1100 one.

But you only pay interest if you don't pay them off each month, that's not what I said. If they are Zero now use them but return them to zero each month (zero cost).