What To Do With Old Cash-Back Cards?

cm233lh

I've just been accepted for the Capital One cashback. I currently use Morgan Stanley platinium which pays 1% on first £2500 each year and 0.5% for the rest of the year; and an Amex blue which pays 0.5% on first £3500 and 1% on everything thereafter. I probably spend about £15k on credit cards per year.

So question is, should I hold on to the old cards (I don't think you can get either of them any more) just in case Capital One downgrades their rate, or should I close the accounts for the sake of my credit rating. (The two cards give me access to about £20k I think.)

KDH_2

I wouldn't be surprised to see your Morgan Stanley card being changed into a Goldfish account sometime soon - which gives an effective cashback rate of 0.75%.

emma396

call then up and see if they can offer anything. morgan stanley offered me 5 months 0% on purchases when i called to close the account down.