Started new credit card, now I don't want it - what should I do?

redux

PRAISETHESUN wrote: »

If you are still within the cooling off period you should be able to close it without any adverse affect to your credit file - it should be as if the card never existed. The hard search made during the application would remain however.

There will also be a record for the time the card was live, even if no transactions.

For instance, I applied for a card which had a cashback arrangement. When the card came, and when I logged in online, there was no mention of cashback. A phone call established I had a parallel version without, possibly due to going back or refreshing a page in the application process.

They couldn't add the cashback arrangement to the account, so we cancelled that card and I reapplied.

The credit files still show an account open for 12 days, though I assume this has no impact either way.

The cashback was phased out a couple of years later anyway.

PixelPound

Oh yes it is ... oh no it isn't ... :rotfl:

You've applied for the card so it has left a hard search. If you cancel within 14 days it will be as if the agreement wasn't started, but the search will be there. Can't undo that now.

As you have it, you may as well use it as a back up

Shakin_Steve

jeffroswald wrote: »

Hi, started a new Tesco credit card through Quidco - for a balance transfer offer - but then ended up getting some cash and paid off the original balance I was gonna transfer.

I've now got the credit card from Tesco and cancelled the transfer. But I've now got a third credit card that I don't need. Should I cancel it or just keep it? Whats better for my credit rating?

Any advice much appereciated please.

You don't have a credit score, or maybe you do. Keep the credit card and use it, or close it. Glad you asked?

Alexd52

europaea wrote: »

I'd close it.. unless the interest rate is low <7%.

How long is the promotional 0% period for balance transfers?

Interest rate is irrelevant if you clear in full every month.

Personally, I too would keep it open and use it, paying in full each month, to show stability and helping to build a history.

Alexd52

europaea wrote: »

Way too many people are not disciplined enough to pay cards in full... so yes I think rate is always relevant. OP said they didn't need the card, they already have 2 other credit cards, no need for a back up or "extra" history, IMHO.

That's why I qualified it with "if paid in full"