Closing credit card accounts

MrGreen

I have a few credit card accounts open, having just paid off a balance transfer that finished this month. I would like to know from those who have more current knowledge of credit cards, which accounts to keep open and which ones to close. None of the cards have any promotional offers!

What are your thoughts on closing all but one card now, to use for larger purchases. Would this have a detrimental effect on my credit score? Not that I am too worried about my score, but just want to understand the best way of closing down the unwanted accounts. 

Barclaycard
£10,200 limit/available balance

First direct gold card
£8,200 limit/available balance

Halifax

£500 limit/available balance

Sainsbury's credit card

£12,000 available balance

Tesco Clubcard credit card

£7,000 limit/available balance

A few years ago I had maxed out the equivalent number of cards and balances above and wondered why they didn't want to increase my limits! A bit older and wiser I see the reasons why, having gone through transferring balances and paying off all the cards

Also any advice on what amount I should keep my credit limit at, on the card/s I keep open. My main current account is with First Direct.

Thanks in advance

MorningcoffeeIV

Your score is irrelevant, but for your credit history and to keep options open,  keep at least two or three.

Barclaycard, Tesco and. Sainsbury's are the most useful of those. Maintain the credit limits unless you have issues with over spending.

Nasqueron

Keep one from each different card issuer (Mastercard, Visa, Amex) at the very least in case one of the networks goes down

lr1277

A few things to consider.
From my own point of view I would keep the ones with the best customer service. I know FD does this for me so I would keep that one.
Secondly are the points from Sainsbury’s or Tesco any use to you? If so I would keep the card(s) with useful points.
 As @Nasqueron suggested, keep at least one Mastercard and one Visa.
When you said Halifax, does that offer free fx transactions? That might be useful in future so worth keeping?

retiredbanker1

You might get new balance transfer offers in the future so I would keep them open.

Some will write to you automatically in 12/18 months to close cards if not used.

400ixl

retiredbanker1 said:

You might get new balance transfer offers in the future so I would keep them open.

Some will write to you automatically in 12/18 months to close cards if not used.

It would appear they cards do not have balances on them anymore (well done OP) so not really relevant.

As people have said, keeping a couple with Visa / Mastercard / Barclaycard / Amex (2 of) is a good idea as it covers any IT outages etc.

Do any offer any perks that you want? Points, cashback, no fee exchange rates etc.

Personally I have one which is travel focussed and then another which is long standing with one of my main banks.

retiredbanker1

400ixl said:

retiredbanker1 said:

You might get new balance transfer offers in the future so I would keep them open.

Some will write to you automatically in 12/18 months to close cards if not used.

It would appear they cards do not have balances on them anymore (well done OP) so not really relevant.

Sorry I have to disagree with you.
If the OP has had balance transfers in the past why not in the future?
Doing one from an existing card saves a hard search on his files.

Hoenir

Keep cards that you are actively going to use. You may well find that cards that are under utilised will proressvely see their credit limits reduced as time passes. 

Nasqueron

400ixl said:

retiredbanker1 said:

You might get new balance transfer offers in the future so I would keep them open.

Some will write to you automatically in 12/18 months to close cards if not used.

It would appear they cards do not have balances on them anymore (well done OP) so not really relevant.

As people have said, keeping a couple with Visa / Mastercard / Barclaycard / Amex (2 of) is a good idea as it covers any IT outages etc.

Do any offer any perks that you want? Points, cashback, no fee exchange rates etc.

Personally I have one which is travel focussed and then another which is long standing with one of my main banks.

I switched my main use from an old Halifax card which had a 0.25% cashback deal from about 2003 time to Lloyds when they did the variable 0.25%/0.5% deal (annoyingly then Halifax launched the same deal) and then only used the Halifax periodically as it was my oldest card, Halifax started giving me BT offers since then

MrGreen

Thanks to everyone who responded, I will take on many of the suggestions.

Nasqueron said:

Keep one from each different card issuer (Mastercard, Visa, Amex) at the very least in case one of the networks goes down

This is not something I had thought of, appreciate your perspective!

I will aim to keep a Mastercard and Visa open along with the ones that have Necter/Clubcard points, not worth that much overall but better than nothing.

I have closed the Halifax as it only had a £500 limit, which reduced overtime due to non use. I also closed my First Direct card as well. In the past it seemed to be the easiest to open and I can take advantage of any new 0% offers, ideally I would be interested in taking advantage of a 0% purchases offer as b/t offers wouldn't be that beneficial or cost effective for me.

prettyandfluffy

Based on my experience of 0% purchase and of balance transfer offers I would keep: Barclaycard, First Direct and Sainsburys.