Cancelling Credit Card Within 14-Day Rule

than_prutt

Hi,
I've just cancelled a credit card account within the 14-day cooling period because I didn't realise there was an annual fee of £150. I actually cancelled it the day I received the card. I'm just wondering how much will this affect my credit score (apart from the search when I made the application)? Cheers.

Ebe_Scrooge

It won't affect your rating - aside from, as you say, the initial search. It's when a card issuer cancels a card that it reflects badly, nothing wrong with you choosing to cancel.

lisyloo

You might get an account created on your credit file and then settled (I did). That still shouldn't cause an issue.

than_prutt

Thanks for the replies. Feeling a lot better now...just goes to show how our lives are dictated by credit scores these days. This wouldn't have worried me one bit a few years ago!!

bearcat16

I bet it was the British Airways Premium Plus American Express card.

£150 fee, but you get a 2 for 1 flight voucher and earn 1.5 avios for every £1 spent.

To me these rewards are worth more than £150 (esp the 2-for-1 flight voucher) so I use it as my 'pay everything' card.

redpete

than_prutt wrote: »

Thanks for the replies. Feeling a lot better now...just goes to show how our lives are dictated by credit scores these days. This wouldn't have worried me one bit a few years ago!!

It might shows how some of our lives are dominated by credit scores. The effect of this on our credit score wouldn't even have occurred to some of us as being something to wonder about.

than_prutt

Thanks for the info. It was actually the MBNA Elite Emirates cards. Applied because Emirates do fly to some of my usual destinations, however, I don't fly often enough to justify £150 annual fees. Besides, I'm already connecting miles/points in Virgin Atlantic cards and AMEX.