Should I cancel my card or wait for promotions?

vernell

Hi there

I have just come to the end of my interest free period with Egg and have transfered the balance to a Virgin card which is interest free for 10 months. I was just wondering if I should now close the Egg card account or just keep the account open incase they offer their customers interest free promotions in the future like I did with my Virgin card and was lucky enough to be offered interest free transfers just when I needed it.

Thanks

lisyloo

Egg (credit card accounts) have been sold to Barclays.
I don't know what that means for your chance of future promotions but a lot of people aren't very positive about Barclays.

bengalknights

I would say close the card.

john10001

Do you know if any of the following are likely to make new offers once balances are paid off?:

Zero Rates for limited time:

Mint
If
Asda Santander
Halfords MBNA
Nationwide

Low rate life of balance:

M&S More MSM
BA AMEX


I will also shut down any accounts that don't make new offers.

Cheers,

John

bengalknights

MBNA usually run offers every 12 months for customers, check the promotions link within the mbna login site.

ashaput

Close the card.

barefootinvestor

Having more than one card I would shut the card down. If they haven't had a good run from you (able to charge you interest) they are unlikely to offer you a special deal. Sounds like you did a smart thing by transferring the balance to another card offering an interest free period, but how long you can keep doing this before hitting a snag is anybody's guess.

Well done and good luck!

fozmcfc

I transferred from my Egg card a couple of years ago to a Virgin card.

If like me the Egg card is your only Visa card you may want to do what I did, lower the limit, but keep the card.

Lowering the limit means you still get to have a Visa card (yes some places still do not accept Mastercard), but you also lower your amount of credit available to annual income ratio. I.E. making sure you don't have a huge amount of credit available to you compared to your annual income as it can mean refusal for more credit.

As for repeat offers, well I have had very little from Egg, but I believe that everyone will be issued a Barclaycard in the not too distant future, so things might change.

fozmcfc

john10001 wrote: »

Do you know if any of the following are likely to make new offers once balances are paid off?:

Zero Rates for limited time:

Mint
If
Asda Santander
Halfords MBNA
Nationwide

Low rate life of balance:

M&S More MSM
BA AMEX


I will also shut down any accounts that don't make new offers.

Cheers,

John

My Virgin card which is issued by MBNA, always has repeat offers on it, usually 2 or 3 at a time.

I got my card in April 2009 did a BT to it for £3500, paid it off without paying any interest in the 16 month 0% period and have had at least 7 or 8 offers for money transfers, purchases and balance transfers in the past year or so.

Currently I have 2 offers for purchases, including one which would offer me 12 months at 0% on purchases over £250 and another for under £250 purchases for 8 months.

I have 6 credit cards and Virgin is by far the most generous for repeat offers.

john10001

fozmcfc wrote: »

I transferred from my Egg card a couple of years ago to a Virgin card.

If like me the Egg card is your only Visa card you may want to do what I did, lower the limit, but keep the card.

Lowering the limit means you still get to have a Visa card (yes some places still do not accept Mastercard), but you also lower your amount of credit available to annual income ratio. I.E. making sure you don't have a huge amount of credit available to you compared to your annual income as it can mean refusal for more credit.

As for repeat offers, well I have had very little from Egg, but I believe that everyone will be issued a Barclaycard in the not too distant future, so things might change.

That's a interesting point you've brought up. Does it really make a difference if you reduce the credit limits on your cards? Or do they also go by how many cards you already have and not just limits when you apply for new credit? I suspect it may also be how many cards you have.

I believe one thing that can help with credit if finding it difficult to obtain is to make sure you vote regularly, even if its just to spoil your ballot because it will register on the electoral rolls I believe that you're still at that address and that gets updated onto your credit file so companies know you're at that address still.

YorkshireBoy

john10001 wrote: »

Does it really make a difference if you reduce the credit limits on your cards? Or do they also go by how many cards you already have and not just limits when you apply for new credit? I suspect it may also be how many cards you have.

You suspect correctly.

I believe one thing that can help with credit if finding it difficult to obtain is to make sure you vote regularly, even if its just to spoil your ballot because it will register on the electoral rolls I believe that you're still at that address and that gets updated onto your credit file so companies know you're at that address still.

You believe (totally) incorrectly!

You don't need to vote in elections to appear/remain on the Electoral Roll. The mere fact you're registered to vote is enough.