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Am I right in thinking you can cancel a credit card within 14 days of being approved?

Legacy_user
Posts: 0 Newbie
How do I do this, and will it affect my credit rating (other than a footprint/search)?
It's a Lloyds Duo account I don't really want, I'd rather just have the one credit card with my bank, HSBC. I already got the acceptance letters and the PIN numbers, but not the cards yet
It's a Lloyds Duo account I don't really want, I'd rather just have the one credit card with my bank, HSBC. I already got the acceptance letters and the PIN numbers, but not the cards yet
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Comments
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Don't cancel that card! Seriously, after all the hassel you went through of worrying about needing a sub prime one, the fact you have one of the most difficult cards to obtain and you get rewards (measely as they are if you dont spend a lot) you'd honestly be a fool to get rid of it.
As far as your credit rating, no it means nothing and even looks like you can manage credit which is devious haha.
But if you're going to close off one of the accounts, close the HSBC CC instead.0 -
Don't cancel that card! Seriously, after all the hasdel you went through of worrying about needing a sub prime one, the fact you have one of the most difficult cards to obtain and you get rewards (measely as they are if you dont spend a lot) you'd honestly be a fool to get rid of it.
As far as your credit rating, no it means nothing and even looks like you can manage credit which is devious haha.
But if you're going to close off one of the accounts, close the HSBC CC instead.
Hi curt thanks for the reply. The only reason I thought about canceling is im thinking about getting a laptop and even if I spend 500 I'll get 50 points which isn't much really and as I don't spend much or book many flights and just to book a hotel you need thousands of points. I'd rather have the 0% for 3 months and then apply for a cashback card
Also as my bank and savings accounts are with them and they have decent internet banking its much easier to manage. If I rang them would they increase the limit or reduce the apr if I told them what lloyds gave me?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
No because they search your file every time for increases in limits and Lloyds check intrnally which is another reason to stay with Lloyds. Plus all the call centers with HSBC are somewhere in Asia.
With the Airmiles card, you may not use it much now but long term it would be huge and much more beneficial than the HSBC card. (I just closed mine a week or 2 ago and have the airmiles one). You'l get an extra 50 miles with them when you do the survey they send as well which is worth it, not to mention its the added security of 2 cards...
See for me and most others it doesn't matter as we have several credit cards, but if you have only the one you could wind up in trouble if you lose it or it needs replacing or something like that, with the Duo you obviously get the 2.
Tbh, if i were you, just keep them both, it does no harm. Use them well and you should be fine, even if its infrequent use.0 -
Ok thanks for the reply Curt, I just don't like the idea of not being able to manage my Lloyds account like I can with HSBC. Plus I've never spoken to an offshore call center with HSBC.
Ideally, I'd rather wait 3 months with my HSBC card and then get a cashback card as Airmiles don't seem as if they would benefit me much.
On the back of the letter with the cards attached there's a "cancellation form" which I sign with the date and insert the card number
Let's say I fill in this in and send it back tomorrow so it gets there next week...how will my credit look? Will it show up? Will I be okay to apply for something else in a few months?
Edit: Oh, one other thing. How about spending £10 on the AmEx card, getting the airmiles and the Quidco cashback, then cancelling them after a month or two?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
It will show up as a settled account, with no use so you wont get a "satisfactory" marker next to it on your report.
What do you mean "manage your account" the way you do with HSBC? Lloyds also have an online banking system, all be it, it sucks compared to the old one and even with just a CC you get to use the facility even if you dont have a bank account.
And yes you are right cashback generally is more beneficial than miles for almost everyone (other than seasoned travellers) so if you did want to get a cashback card i'd say it was a good idea but as you have made 2 applications already recently i would say wait a few months and you should be fine.
Given that you were approved for the airmiles card i would say you should have no difficulty obtaining any CC you are elligable for tbh, so you have the market in the palm of your hands right now.
Btw even if you dont want to use the cancellation form, you can just ring up and cancel the card if you want.0 -
Thanks Curt
Yeah, by managing my account I mean I have my savings, debit and credit card accounts, so I can just transfer money between them all easily, and it's all in one place so easy to manage because I check it often, so I can check all 3 and transfer money from savings into my debit/credit account if I need to
I mean, there's no problem with keeping my Airmiles card (I'm considering it just to get the Airmiles first), but will it look worse cancelling it after a few months and applying for a cashback card than cancelling it right now and applying in a few months?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Nah not at all. It would look better if you have a few months of satisfactory use actually.
I understand what you mean by having everything all in one place, a lot of people like the convenience of that too. (And my God have you been lucky not to have run into any off shore call centers with HSBC).
The one worry a lot of people would have with having the same for banking and CC purposes is that they can take whatever money you have from any account with them to repay any debt if you run into trouble. (Just as a heads up, not saying you are likely to go that way.)
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