Which CC should I ditch?

Venusflytrap

I am taking stock of my CCs and what benefit they are to me. I currently hold:

HSBC credit card (4 years): £0.00/£1500 @ 21.9%
Halifax Clarity card (9 months): £0.00/£600 @ 17.9%
Barclaycard plat. (2 months): £42.50/£1000 @16.9%

I got the Halifax CC solely for use abroad; the Barclaycard for the rewards programme (which I now know is a farce) and the wider acceptance of VISA payments; HSBC for 7% off travel packages via Thomas Cook (not very competitive) and for larger purchases.

In the medium term I would like to close down one of the CCs and look at maybe getting a cash back card. Just paid £1015 in cash for a macbook pro and would have benefitted from, for eg., the AMEX cash back CC had I known before going for the barclaycard plat. :mad:

I would def. be keeping the Halifax clarity card (also looking to increase the credit limit once i've closed down or reduced the limit of the other two) as it's handy when abroad, but wonder which of the other two I should ditch? And what is the 'best' cash back CC out there?

Comments welcome. Thanks!

Erme

Er no offence but you've just posted this on the stoozing page Venus...reporting thee for spamming :shhh:

E

Venusflytrap

I am confused... Isn't this the main CC forum for all manner of CC queries? The Stoozing forum is separate isn't it?

Tixy

Personally I'd ditch the HSBC card. Have you ever used this travel package discount? are you likely to? (personally I'd never book a holiday through tc ever again - but thats from my personal experience of them).

Best cashback card depends on how much you would be spending on it and what you tend to buy - have you had a read of this? Cashback Credit Cards

Venusflytrap

I've never used the travel service but found my efforts to source deals always came up more competitive than via thomas Cook.

My only hesitation is that the HSBC credit card is the one i've held the longest and shows lenders consistent repayments for 4 years.

Would it therefore not be detrimental to my credit worthiness if I close it?

ironlady2022

No will not make a difference. I wouldclose down the hsbc one due to above reasons.

Venusflytrap

This is not a bump but an extension of my original post.

I closed my HSBC CC last week and am now considering applying for a rewards or cash back CC by June/July. I have done some research and have found:

The AMEX rewards CC: Enticing on first sight - esp that most of the partner rewards are with stores I use - until I read that points under 5000 per annum will be forfeited. As I spend roughly £250 pm I don't see myself amassing enough points to earn rewards or have them rolled over, esp as some purchases attract btwn 1 - 3 points per £1 spent. Have I worked this out right?

The AMEX cash back CC: Same here - there is a threshold spend for first 3 months and then the year that guarantees the cash back and my spending is not sufficient so not a good option for me I think.

The AMEX Nectar CC: Now this one looks more flexible and I couldn't find any threshold caveats in the Ts&Cs. Can someone who holds this card pls confirm whether points can be rolled over irrespective of how many have been amassed? Also is it a worthwhile rewards card in terms of the benefits on offer? I don't shop much at Sainsburys but use their partners a bit.

AMEX rewards CC or AMEX Nectar CC?

Thanks!

rosmersholm

AMEX Nectar totals your points each month and passes them over the nectar - so rollovers are not an issue and thus however little you might spend, it gets transferred over at the end of the month (28th ish). At least thats my understanding - as thats how its worked with my AMEX Nectar.

AMEX Nectar is also good initially with bonus nectar points, which are free cash if you shop at the retailers involved. Spend over 500 in one month and there is also a 500 bonus (2.50). I've transferred all my spending over (where AMEX accepted) and punish the retailers with the higher card processing charges (hehe)

Overall, my favourite card in my wallet. (Though do check where you can spend nectar points (i.e. are they usually where you shop?)

Unfort. the points don't track Tesco Clubcard ideas and are pretty much always worth the same amount regardless of where you spend them (i.e. they never usually offer bonus deals to spend points, where they would be worth more)

Hope this helps.

Venusflytrap

rosmersholm wrote: »

AMEX Nectar totals your points each month and passes them over the nectar - so rollovers are not an issue and thus however little you might spend, it gets transferred over at the end of the month (28th ish). At least thats my understanding - as thats how its worked with my AMEX Nectar.

Sounds good...

Overall, my favourite card in my wallet. (Though do check where you can spend nectar points (i.e. are they usually where you shop?)

Yes, I use expedia for holidays once in a while, but more Eurostar and Swiss Int'l Airlines. Also i'm not much of an online shopper; rather see and feel what i'm paying for.

Reading my own words, the AMEX rewards CC seems better for the sort of purchases I make I suppose? Only thing I now need to work out is if my spends across the different tiers would be sufficient to amass 5000 points per year. Seems like a tall order for now...

rosmersholm

I suppose by reallocating your spending to the reward card for most purchases it could make sense (as I did). However AMEX is still punishable by death by some retailers and the acceptance rate of the card often hijacks my plans to ONLY spend on that card.

That being said... Supermarkets, Petrol Stations, Hotels (especially abroad) make an Amex rewards card good card to have.

Venusflytrap

rosmersholm wrote: »

That being said... Supermarkets, Petrol Stations, Hotels (especially abroad) make an Amex rewards card good card to have.

OK - thanks. Couple more questions:

Do your points show on each statement as you accrue them or is this only done annually? Paper statements or online only?

Lastly, AMEX says of their rewards card: http://www.americanexpress.com/uk/personal/cards/expressrewards/index.shtml?PID=827&BUID=ccg&PSKU=T99&CRTV=TEXTEXPRESSREWARDSMF1&AFFID=918037&sourcecode=X90296ER12&ITU_ID=100000761&tduid=bc9dbc156ae45a828f66bc75a6666f08#partner_logos that "your points don't expire", but in their Ts&Cs (Subsection 37.4) it says that, "Rewards points earned within a 12 month period from your card anniversary date and every 12 months thereafter will be forfeited if the total earned for that period is less than 5,000 points."

So which is it? :huh: