Keep or Cancel - WWYD?

abitrubbish

Hi everyone, I'm after some opinions here:

I currently have a Virgin credit card with a limit of £7,900. This is the highest limit I have ever been given on a credit card. I have recently transferred the balance from here to a M&S 3.9% card, leaving the Virgin card with a balance of £0.

I have also just got a new job paying much more than before, so I will hopefully soon be in a position to be able to save for stuff and not need to use a credit card at all.

I have an Egg Money card for cashback on monthly spending (though this has a stupidly low limit which they have refused to increase). I have also recently been rejected for a Tesco card (my credit report is clean, I think the problem was a few too many searches and relatively high available credit).

So, my question is - should I cancel the card, so reducing my available credit and increasing my chances of getting other credit cards in the future (quite fancy a nectar one to save up points for holidays...) or should I keep it in case I never get another card with a sensible limit again and need to use it for emergencies etc.

WWYD??

sicker

abitrubish, wwid ?????????? I would send private message to Egg Money and ask if you could have a discussion with them about your credit limit. I did this recently and achieved a 60% increase in my limit. If you get a phone conversation with them you may be asked why you want the increase ( eg buy a new £1200 TV). Questions about your income and your credit lomits on other cards. It is worth a try as Egg Money cash back in my opinion has much going for it.

John

abitrubbish

Thanks, I did call them to try and discuss this and got a point blank refusal. The most they would do was give me an address to write and appeal. I will be doing this but need to wait until I get a payslip from my new job to prove my increased income. I will be threatening to switch my spending to another card if they don't give me enough to cover my regular monthly spending as I have had just about enough of messing around with making extra payments so I don't go over.

Not to mention the fact that after waiting for several weeks I finally received a copy of my paper statement for April as I am unable to view this online, to find that they have managed not to give me any cashback on my April statement... And their secure messaging system appears to be allowing me to reply to any messages.

lisyloo

I would carry on using Egg money for the 1% cashback.
This is probably better than the other one you mention (although check it out to be sure).
If your limit is too low then you can always clear it more than once a month. You'll still get the cashback.

Personally I'd hold on to the card for a short while until your credit report settles down and then close it in a few months.

Maybe try egg in a few months when your salary has increased. I think you need to leave it 3 months.