Credit cards - which should we keep?

Little_Vics

Shock - OH and I have 7 credit cards between us, most on a 0%. We're slowly paying them off, but we're wondering which we should keep?

We have one each with the same bank as our joint account
We have one each with the same bank as our mortgage
OH has one with another provider
I have two with another provider

Those with the largest credit limits are one with our bank and one with another provider.

What should we do?

YorkshireBoy

Little_Vics wrote: »

What should we do?

Well firstly, to get the best advice you should divulge who the providers are because some are better than others for follow on/repeat offers.

Hughesy84

Work out the % of the balance you must pay each month.

If your scrimping for every last penny - get rid of the highest % ones first.

List your balances/ limits & minimum payments a month...:T

Little_Vics

sorry - it's not about which we should pay off first, more which we should cancel once we've paid them off.

2 x HBSC
2 x Halifax
1 x Lloyds
1 x Smile
1 x MBNA

Moggles_2

IME, some card companies (eg. LloydsTSB, MBNA) have regular, existing-customer offers and MBNA will even waive BT fees sometimes, if you're prepared to negotiate over the phone. Others (eg. Halifax, HSBC) reserve their best deals for new applicants, so I would consider closing one of your two Halifax and HSBC cards.

Also, I'd think twice about cancelling my last MBNA card, as this is one of a handful which allow you to route funds via your current account at balance transfer rates

Moggles_2

P.S. Some lenders will not consider applications from former card holders for various periods following closure. Others (eg. Halifax) accept applicants straight away.

In all cases, it's advisable to check credit files to make certain the account is actually closed down and marked "settled" before you re-apply

izools

+1 for keeping MBNA, although keep an eye out for rate jacking.

Have you checked the follow on or purchase rate APR on the cards to make sure it is still what you think it is? It will be printed on the latest statement

Any

+1 for keeping MBNA due to repeat offers
+1 for cancelling Halifax as they accept you as a new customer for their new offers (or for BOS which is the same mother company..)