Keeping/getting rid of cards

kernowkarmann

I currently have a Nationwide card for using abroad, a Morgan Stanley Platinum (for the first £2k and reserve when AMEX not accepted) and a Blue AMEX (great intro offer).

My 1 year Amex offer is now over and I've spent £2k on the Morgan Stanley.

Therefore I have just got a Conran card.

My question is: as the Conran consistently pays approx 1% and is accepted everywhere (unlike AMEX), is it worth me hanging on to the other cards? how will it affect my credit rating?

Seems stupid having 4 cards when 2 would do (Conran and Nationwide) or should I hang onto them just in case?

Thanks for any advice!

UK007BullDog

There was a discussion, with me included, not too long ago about keeping a card or not if no longer in use.

Well I cancelled quite a number of cards for myself and hubby. We consolidated onto a few long term deals with 2% transfer fees. They then gave us measly £3K and £5K deals. This was during the time we closed down the dormant accounts, so were still able to theoretically able to borrow on those cards.

Our Amex deal has just come to an end so I applied for hubby for an MBNA card for a balance transfer. Due to me closing down the cards we no longer wanted/needed 2 months ago, they gave him a whopping £10,000 limit (which is nearly as much as the 3 cards I cancelled). They called to make sure he got the card and wanted to do the balance transfer but he held off as we are using the Amex to buy a new washing machine and tumble dryer and then balance transfer the whole lot over to MBNA.

So it seems it would be better in the long run to get rid of the cards not used, so that when you need a 0% deal you have a higher scope of being accepted and get a higher credit limit as well.

Phoenix79_2

I need to have a cull of mine. Up to five now so can get rid of at least two. No point keeping them open if you don't need them anymore