What to do with credit cards and limits

Jagraf

Once cards are completely cleared, what should we do with the cards and limits? Owing to our previous credit debts, we have a lot of available credit which we never intend to use.

What's the best way to manage them, reduce the limits but keeps all the cards and use them but pay in full each month?

We have a wide range of colours and sizes..... Probably 15 between us. :eek:

thebritishbloke

If you've cleared all of your cards, there's no real need to have 15 of them if they're not offering any benefits other than credit. Just keep whatever cards offer any benefits (i.e. cashback, 0% foreign transaction fees etc) and close the rest down. I wouldn't lower the limits on the cards you decide to keep.

Jagraf

Thank you - is one or two each enough and should we go for joint or single ones ( sorry).

thebritishbloke

Jagraf wrote: »

Thank you - is one or two each enough and should we go for joint or single ones ( sorry).

You can't get joint credit cards.

One or two each should be enough, just depends on what benefits each card offers.

Jagraf

thebritishbloke wrote: »

You can't get joint credit cards.

One or two each should be enough, just depends on what benefits each card offers.

I meant with both our names on.

Will enjoy the process! Thanks for your help.

[Deleted User]

Speaking personally (and each to their own), once I consolidated my debts into a loan, I closed both my CC accounts, and destroyed the cards.

That was over 10 years ago, and I've never had a CC since, nor will I be having any in the future.

CLAPTON

depends entirely upon your circumstances
and what you want to achieve


do you ever go abroad?
do you ever book hotels or hire cars?
do you ever spend on company expenses and have to reclaim the money?
can be benefit from cash back CC or from shopping rewards
do you ever have unexpected expenses


do you trust yourself to only spend on a CC what you can pay in full at the end of the month?

Jagraf

CLAPTON wrote: »

depends entirely upon your circumstances
and what you want to achieve


do you ever go abroad?
do you ever book hotels or hire cars?
do you ever spend on company expenses and have to reclaim the money?
can be benefit from cash back CC or from shopping rewards
do you ever have unexpected expenses


do you trust yourself to only spend on a CC what you can pay in full at the end of the month?

I will never go back there. I trust myself to pay them off.

My real concern is that I understand it could be a negative if someone is doing a credit check to have so much available credit. Or am I wrong there? I'm happy to keep them and not use them if necessary.