Manually blocking credit cards?

CLAPTON

just to add
if you are trying to clear these make sure you pay the minimum on each except for the one with the highest APR..on that one pay as much as possible
that you you will clear off the debt the fastest and pay least interest.

ILW

Moggles wrote: »

IMO, YB has made the most sensible suggestions on this thread (#4)

It's in your interest to make your own arrangements, rather than let the lender impose restrictions.

Lowering credit limits is an advantage to the banks, but does nothing for the card holder and may make you appear financially stretched if you overdo it. What's more, if you accidently exceed the limit, you've broken the terms of your agreement, which has more serious consequences than a £12 charge.

If you do decide to throw away your plastic, make sure you record the account number, expiry date etc, as you'll need these details should you decide to close down the accounts.

This will also allow you to make online purchases, which sort of defeats the object of the excercise.

Moggles_2

ILW wrote: »

This will also allow you to make online purchases, which sort of defeats the object of the excercise.

Not if the OP takes up one or more of YB's suggestions as well.

exel1966

wrangler5 wrote: »

I am struggling to understand the point in this. You have cut them all up then locked them away? Doesn't that defeat the object a little bit? If you didn't still have them then you wouldn't have any temptation to use them.

What on earth would be the point of cutting up your cards so that you can't use them then keeping them safely locked up in pieces in case you need them? Stop farting about and just throw them in the bin. It's not that difficult.

Agreed ! Maybe the OP finds some sentimental value in keeping cut up cards or doesn't really want to resist the temptation to use them again online. Maybe the OP just happens to remember all the security codes, maybe the OP has firend in exactly the same situation, maybe all this has been answered before on another thread of theirs a few months ago, just maybe the OP likes yarns !!!
TBH if he/she finds the temptation too much then perhaps credit cards are not best suited to them and maybe pre-paid cards would be a better option, particularly one that's covered by the CCA.

dannykos

YorkshireBoy wrote: »

Some other options...

If you've received (or do receive in the future) notification of interest rate rises then use the 'opt out' service offered in the letter. This will do exactly what you want, ie remove the option to put further spend on a card (and also lock in your balance at the current, pre-rise, rate).

This bit isn't true - well, not for me with Capital One. I asked to have my card blocked, once I'd opted out of the rate increase. I was told that they 'can't' do that - and furthermore, ANY spend on the account whatsoever, would result in the entire balance being subject to the 'new' rate.

Be careful.