Cancel Only Credit Card

allyant

Hi Folks,

I currently have an Amex Platinum Cashback Credit Card with a credit limit of £17,000 that gets paid off every month.

Due to the cashback amount going down and starting a new job with a lot more travel (= expenses) I have moved over to the Gold Rewards card for the points.

The problem is the Gold card is a Charge card not a Credit like the cashback one, if I cancel it will it negatively effect my credit rating as my credit utilisation % will go up a lot?

I am looking to apply for a mortgage in next 3 months so being religious about my report.

I do have one other CC - balance transfer 0% with £3000 on, with a low credit limit of £4000.

Thanks!

Edit: Just noticed title says *only* - typo!

[Deleted User]

You don't have a credit rating that will be affected. No one does.

Keep it open as it's useful as a backup and probably holds a key component to your credit history

TadleyBaggie

I agree you should have an open credit card, however keeping the Amex wouldn't make sense if there is a yearly fee. If there is, close it and get something else.