How to close older credit cards?

Peter6268

Hello,

I have a few credit cards on which the 0% spending offer, or an ‘added points’ offer have now expired. Thus, I have applied for and received new 0% purchase credit cards from new companies (and one from a company where I had a previous 0% deal). All the ones I want to close haven’t been used for quite a few months and all have zero balances. Closing these four older ones will leave me with four ‘current’ credit cards with more than adequate credit limits.

How do I actually close these credit card accounts? Do I have to cut up the card and post it back them, or will just a phone call to them suffice (and I will shred the card at home)? Or is a signed letter needed?

Will closing these older credit cards affect my credit reference file in a negative way? I am looking at changing the car next year and if there are any 0% offers kicking around I would probably take up one, rather than pay out of savings. Hence, I don’t really want any ‘negative’ markers from closing the credit cards.


Many thanks.

[Deleted User]

Just contact the lenders and ask them to close the accounts. In writing is probably best.


Closing or opening accounts aren't negative or positive. It's simply data that lenders will look at. Some may think you have too many accounts open. Some not enough.

Best advice is always to keep at least two or three.

Peter6268

Deleted_User wrote: »

Just contact the lenders and ask them to close the accounts. In writing is probably best.


Closing or opening accounts aren't negative or positive. It's simply data that lenders will look at. Some may think you have too many accounts open. Some not enough.

Best advice is always to keep at least two or three.

Many thanks,

I will write to the credit card companies concerned and ask that the accounts be closed.

I will still have four credit cards with either current 0% purchase offers, and/or where I can collect points (ie M&S credit card), all with decent credit limits. One of them also has no charges for overseas useage, so am well 'covered' by the cards that I will still have after I have closed the four 'older' cards.

Thanks again.

anna42hmr

I always call to cancel mine rather than writing, usually gets done in minutes and at least you know they've received and are processing the request. Sometimes some have tried to get me to stay by offering incentives (i.e 0% deals etc) but find that a no thanks stops that line of comment.

blitzboy

I've always just called them too, only takes a few minutes and you know it's done then. Sometimes they will try to tempt you to stay by offering a new 0% deal but they're not pushy if you say no (and sometimes the deal is worth saying yes to!).