Cancelling old cards

nikkijj_2

Hi

I need some advice, I have 2 cards 1 Tesco credit card Limit 3000 balance 0 and 1 Barclaycard Platininum Limit £3000 balance 0. I tend to use my Tesco card for the points value but pay off in full every month.

But do not use the Barclaycard and have not used it for 6 months, Now the way things are at the moment should I be cancelling this card or keep it . Is there any advantage to keeping it !!

Thanks

Chard52

I have a similar situation. I have a spare RBS card which I rarely use, but I've hung onto it as a spare (it sits in the car just in case I go out without my wallet). Not a problem hanging on to yours - you might need the facility at some point. However, if you want to take out a loan the credit limit on the credit card may be taken into account. Also watch out in case Barclaycard levy a management fee on unused cards (or cancel it, so when you do need it in an emergency it doesn't work).

You could always cancel the Barclaycard and take out an American Express (gives cashback) - better rate than Tesco at least for the first few months.

nikkijj_2

Hi

Would love a amex card but unfortunately do not quite fit the criteria earning £30k.

Mmm so what do I do !!

;)

CLAPTON

it depends upon how you use credit cards
If you depend upon them; e.g. use them all the time for everything (but pay in full each month) then having only one is a little risky... CC occasionally are refused for all sort of random reasons
so I would suggest you keep both active in case one doesn't work or has some sort of fraud

however if you do want to keep the barclaycard make sure you use it regularly even if only for a lowish amount otherwise they are likely to cancel it.

nikkijj_2

Hi

I do not depend on them I tend to just use the Tesco Card toward the end of the month waiting for payday but then pay it off in full when im paid.

The Barclaycard hasnt been used in months I dont use it because there is no advantage to using it (ie no points etc ).

Think I will swop cards each month so both get used a little bit

Thanks

ironlady2022

Only cancel if you are applying for a new one. There is not advantage to yourself for cutting your line of credit just in case fir emergencies and I always suggest a back up credit card.

nikkijj_2

Hi

I do want to replace my barclaycard with a cashback card where I can get something out of it, But do not meet the criteria for AMEX any suggestions.

Also worried about shooting myself in the foot cancelling my B/Card and applying for a new one then getting a decline then i have lost my B/Card for nothing !!

jay87

Capital One world mastercard? 1% cashback, 20K Salary and 4K min limit, there is an £18 annual fee though

nikkijj_2

Hi

I have checked this card out and looks good the only problem it does say that you need to be a homeowner and I rent would this be a major issue ?? Also who do Capital One use for there credit searches ?? Do I apply now or cancel my barclaycard first ?? Just dont want to cancel my Barclaycard for nothing

Thanks