Cancelling a credit card...

mamabuddah

Have a Santander credit card, got if for a balance transfer a year or so ago...cleared now...just love a good stooze....anyway....theres a £3 a month charge...I know...read the t&cs...but I didn’t notice at the time.

I’m not even sure what or any benefits that £3 gets me...if I wanted to cancel the card (as it’s not being used) in the absence of any worthwhile benefits to me...would that impact on me or any sort of scoring, would it benefit me to hold on to it...are Santander known for good customer offers?

Happy to read any answers. :beer:

18cc

If you are paying £3 a month for something you're not using then just cancel it

cymruchris

Find out what benefits you get for £3 a month - but if not worth it I'd cancel it too. In terms of your fictisious score - it would likely drop slightly for a month or two - as it would whenever anything happens to your financial accounts - but it doesn't really matter as it's only you that can see the scores anyway.

mamabuddah

Thanks guys...checked it out, it seems the only advantage of paying £3 a month would get me some savings when using the card abroad..and since it’ll be another 12 months before that’s any benefit...I think cancelling might be a good idea...thanks for the advice guys.

[Deleted User]

Ask Santander if they can “downgrade” or swap the card to a free offering rather than closing the account.

MisterBaxter

!!! wrote: »

Ask Santander if they can “downgrade” or swap the card to a free offering rather than closing the account.

My wife tried that and was told that as any other card was a new product she would have to go through the application process again. The old account would be closed and a new account opened. That was with the Santander 1-2-3 card.

stevenpc

regarding the waste of space credit score recently my score has gone down as ive not been using my cc i have 4.I was thinking about cancelling the newer ones thinking it would improve my score its very good anyway so lack of use lowers your credit score it doesnt make sense.

[Deleted User]

Cancelling the card will drop the pretend credit score as it's a change.

You need to decide whether to do the right thing for you or to make Experian happy

user1168934

Just cancel it. Why would you pay £3 a month for something you are not even using? There are plenty of other options out there with no fees.

It might lower your "credit score" but ignore it, it should not have any real effect on your credit history.

enthusiasticsaver

I have the same credit card but we get cashback for using it for food and fuel spends and we pay it off each month so the £3 fee is covered by the cashback and more. If you are not using it but still paying the fee then I would cancel it.