Cancelling credit cards

mjv1986

Hi all,

I currently have 4 credit cards:-

- 1 for everyday use and pay off each month.
- 1 to use abroad as there is no transaction fees for foreign currency transactions
- 1 has a balance on which I am payng each month
- And finally 1 which I have now paid off and sits there with zero balance.

My questions really is, am I doing myself harm credit wise by keeping these credit cards open? The last one mentioned does give me offers on the card which I could take up at any time (I.e. balance transfer at 0% for 12 months with a fee etc) but would I be better to close this so I can take advantage of a "new customer" offer further down the line?

Any advice is appreciated.

Thanks

Michael

grumbler

MSE article: Old Credit Cards

thebritishbloke

Swings and roundabouts.

Personally, I'd keep them all open. 4 Credit Cards isn't really a lot in the grand scheme of things, and it's probably better to keep a card open than to have to go through the whole process of applying etc again if you want an offer. Up to you though.