Cancelling Credit Cards

Emilychee

Hi all

This is my first post on here, finally getting my head out of the sand and dealing with my debts! I currently owe about £22,000, which is a £12,000 loan and the rest on credit cards!

I've transfered a balance from one card to another which has a smaller interest rate so that card can be cancelled. I really want to cancel it and cut it up, but I purchased some flights on it so I need to keep it.

So my question is, can I cancel it but still keep the card in case of future reference for things i have purchased??

Ta
em x

yung

welcome to the forum, you should be able to refer to your statements in the future, wait for your last statement in the mean time put the card in a bowl of water and freeze it.

Emilychee

Good idea!

Thanks
Em

immoral_angeluk

Emilychee wrote:

Hi all

This is my first post on here, finally getting my head out of the sand and dealing with my debts! I currently owe about £22,000, which is a £12,000 loan and the rest on credit cards!

I've transfered a balance from one card to another which has a smaller interest rate so that card can be cancelled. I really want to cancel it and cut it up, but I purchased some flights on it so I need to keep it.

So my question is, can I cancel it but still keep the card in case of future reference for things i have purchased??

Ta
em x

Why do you need to keep the card? Surely you can just pay it off and cancel it?

anniewoo

I think this question may have been asked before,but is it best to write to the credit card companies to tell them I want to cancel a card rather than just cutting it up ?

Does this reflect well on my credit report if it shows that I have cancelled cards ?

immoral_angeluk

anniewoo wrote:

I think this question may have been asked before,but is it best to write to the credit card companies to tell them I want to cancel a card rather than just cutting it up ?

Does this reflect well on my credit report if it shows that I have cancelled cards ?

Depends how many you have really. If it's your only credit card then keep it open and use it but pay it off in full every month, but if you've got quite a few it's best to cancel some as having too many active on your credit report is bad for your score.

david_hellier

I have said in the past that, in reality, it is not possible to close CC accounts. They are always open for stray debits which may turn up. Simply write to them saying you want to "close" the account. This will have the effect of you not being charged any annual fees in the future which may be imposed and no more cards will be issued. Of course, cut the card up. You'll still receive statements with the flight debits on.