Santander 123 - Getting rid

tommysaver

Hi all,

Anyone else getting rid now they have slashed the rates?

I used to have a Barclays card which I took out for a holiday deposit and NEVER used in about 1.5 years,

Then I got this one and have been using it every month and paying off in full, making money on it. Made about £140 since I had it.

No point in it now though - my question is, how will this look to cancel a card and maybe re-open another one somewhere that can offer a better deal?

I have never checked my credit score in my life as I have never needed to, and don't plan on it. Could it be negative?

Thanks!

[Deleted User]

Your credit SCORE means nothing, lenders NEVER see it, if you no longer want/need a cc then close it before you open a new one or after if you prefer it should make little difference as long as you don't have more than 50% of your income as available credit

tommysaver

Excellent - thanks!

20aday

I personally got rid of my 123 Credit Card last September as I had a feeling they were going to make changes to existing customer's uncapped rates.

Not only that I wasn't spending enough on food/fuel anymore to justify the £3/month fee either.

Granted there aren't many reward credit cards out there now because of the Interchange fee cap but might be worth shopping around if you like to earn money for your purchases.

No_6

Yep...better cards about if you suit THEM

tommysaver

Fully aware this might be a silly question; but, I'm not going to use it at all this month.


Can I pay off what I owe from January in full and then cancel? Be nice to avoid the £3 charge hahaha.

theburningcat

I am keeping mine for this reason. There are plenty of better deals out there - but I would prefer to avoid another hard search and make my accounts look more stable if I can - plus it's the only card I have (apart from Revolut) with zero FX fees. The FX fee saving more than pays the card fee.

20aday

theburningcat wrote: »

I am keeping mine for this reason. There are plenty of better deals out there - but I would prefer to avoid another hard search and make my accounts look more stable if I can - plus it's the only card I have (apart from Revolut) with zero FX fees. The FX fee saving more than pays the card fee.

If your card usage is beneficial to you then I can see why you'd wish to keep the card going but in my case I was better off elsewhere.

No_6

@ t ...s

NO will cost you £3

Vortigern

tommysaver wrote: »

Fully aware this might be a silly question; but, I'm not going to use it at all this month.


Can I pay off what I owe from January in full and then cancel? Be nice to avoid the £3 charge hahaha.

You won't avoid the fee that way.

Tell Santander you want to cancel the card. They will suspend the card pending closure and ask you to destroy the cards. They will then stop charging the fee and allow you pay by the usual date.

No_6

He may still want to use the card ?
next month.