How do I cancel my credit card?

matthewking26

Hi, couple of questions for you lovely people.

1 I've been lucky enough to pay off my credit card this month. I want to now cancel the card. I can't find any information on the HSBC website about cancelling cards. How do I do it? Do I ring them up or write to them? Sorry if its a daft question but I've never cancelled a card before, will they try to batter me into keeping it or is it a simple procedure. It's 27.8% interest so I don't think its worth keeping even for emergencies.

2 How long should I wait before applying for one of the special offer credit cards? something like a cashback card or the Tesco one so I can get clubcard points I was thinking. I last applied for a card in June but was declined probably due to my debts which as you can see from my signature have marginally improved.

3 From checking my credit record my ancient Barclaycard is still in circulation. The card expired in 2005 and they didn't send me a replacement, presumably because I only used it once and immediately cleared itwhen I first took it out in 2003. Is it worth speaking to them to see if its been cancelled/settled. The experian report lists it as having a credit limit of £1 but still in existence (it was a £350 limit when I took it out)
(And if you were wondering I took out the card to buy a mountain bike, how appalling is that! When I realised how stupid I'd been I transferred the balance onto my HSBC card and just left the barclaycard in a drawer so I wouldn't use it again)

Any advice greatly appreciated!

jacksons_mum

i usually just ring up to cancel, they will then send you confirmation in writing, they usually ask why you want to cancel - just tell them you dont need it any more. should just be a simple 2 min phonecall.

Phantom_Flan_Flinger

As above a simple phone call should be enough. Just ring the Customer Services number on the back of your card.

Some companies do request written confirmation, but you'll be told when you speak to them.

You might as well ring Barclaycard too. Certainly no harm in closing it if it's still active.

There's no need to wait to apply for a new card. Do it when you want. Choose whichever one you think will be most beneficial to you.

Jake'sGran

I would just stop using it and see what happens at expiry. I have two or three that I don't use except M&S which I only use when I want to buy Euros. My Egg card was still valid although I had not used it in a very long time and I found by accident that they had put some money on it after reading about it on this site. Is it really necessary to 'phone and cancel?

Moggles_2

Credit card companies vary in this respect as with everything else. A phone call to customer services should be all that's required, but best practice is to ask the lender to confirm closure in writing.

If the promised confirmation letter does not arrive within a couple of weeks, phone once again to ask why. Finally, if your credit reports do not show your HSBC card as "settled" contact the lender once again and ask them to make the necessary changes. The whole process (from the initial phone call ) can sometimes span a couple of months, so allow plenty of time

Moggles_2

Originally Posted by Jake'sGran
I would just stop using it and see what happens at expiry.

If you take no action, the card shows on your credit file as available credit.

This doesn't necessarily influence your chances of acceptance by other card companies, but it most certainly affects the credit limit you're likely to be offered.