Credit rating + bank account + credit card

fray

So this is my first ever post so if something similar has been posted before then sorry to recover an old topic.
I read the MSE email whenever it comes out and esp look at the bank accounts/credit card sections.

I was a long term user of natwest but a bit over a year ago saw the £100 bonus if you join Santander - so I did, I got the money but the service has been the worst - i do mean terrible so now 13 months on I figure I will get myself better service and another free bit of cash and so switching to First Direct - so far so good on the service other than they will not admit I joined via moneysupermarket so are saying I can only have £100 rather than the £125 incentive (though hopefully they will sort it shortly – so not complaining yet)…

Anyway I have also always had a CC with Natwest which I still have but saw on MSE the great bonus cashback you get with AMEX cashback card so got myself that 8 or 9 months ago.

During the last few months my fixed term mortgage reached its end of term and I moved providers to get a WAY better deal…

Anyway now my questions, each time I get a new product I get credit checked so moving everything around (even though I am never late on payment on the mortgage, always pay off my CC’s in full each month and am never overdrawn) I wonder –

1. am I hurting my credit rating?

Next question; I see from the MSE email today that AMEX is going to put an annual fee on the AMEX cashback card I have – not something I particularly want so:

2 2. Is this going to apply to existing customers?

3 3. Maybe I should move CC to get a different deal without an annual fee if the answer to Q2 is ‘yes’?

Lokolo

1. potentially. too many credit checks in a short space of time is not a good idea. However, once or twice a year is fine.

2. no idea, but most likely

3. do you really need to find the best deal on a CC? If you pay it off each month I don't see the point in keep moving around (but obviously move from the AMEX if it charges)

fray

best CC = free stuff.
The Amex cashback card is free money (other than the charge), the natwest one I have earns you points to spend.

other cards give you other free stuff i.e. the new "Capital one" cashback gives you cashback, or there are other Amex cards that give you airmiles/points etc...

tafer2uk

First of all let me congratulate you on giving Santander the boot, probably one of the best decisions you'll ever make. :beer:

We still have an ongoing complaint from November last year that they haven't sorted out. We switched to First Direct last December and was the best thing we did, service has been excellent. Even when things didn't go smoothly with the transfer (not FD's fault) they helped sort things out for us. I'd be surprised if they don't honour the £125 especially if you have any proof.

1) Too many credit checks can be harmful, would have thought you may get away with more than 1-2 per year though, no expert but we seem to get away with half a dozen or so and have no problems with credit.

2) Pretty sure Amex will charge you as an existing customer, I seem to remember reading on another forum that when they introduced fees on some of their other cards existing customers were charged the fee.

3) I guess it depends what reward works best for you. I have chosen a BA AMEX card to try and earn some free flights or upgrades.

Good Luck!

fray

FD just message me today to say sorry for the mix up and have now creditted me the 125... so all is nice with them...

and thanks for your thoughts - I will limit the new products to one every 6 months.