Should I cut it up?

Sncjw

Hi all

So we have just paid the balance remaining on my 0 percent deal m and s card. The deal was going to end on 7th November. So glad it got cleared. 

Now the question is if to cut it up or not. We don't shop at m and s regularly but the vouchers does help for when we do but it's not much. 

We have two other cards to start really paying down before their 0 percent deal ends plus we will be spending on an interest bearing card next month when we go on holiday.so the big chunk of the money used to the card we got cleared will go to the interest bearing one to make sure it's cleared before interest is accured. I have a barlcaycard but it has a balance transfer deal on which the interest 0 percent ends in June but we will get it cleared way before then. I didn't want to mix balance transfer deal and purchases on the same card..

I have an hsbc card which deals ends in August but it is larger of the two but we will focus on barlcaycard first. Then all the money will go to hsbc. 

After that we will have no cards with spends on it

I do have other cards that are just laying dormant as I don't spend on it 

Lloyda and  Halifax clarity card which I use as back up when abroad..

vacheron

Cut it up if you want, but the most important thing is to contact them and have them close the account. (not make it dormant...  close it completely). 

This will then show as less available credit on your credit report which should help you get better card deals and/or credit limits in the future (maybe another 0% BT card to move your existing balances to if needed).

It will also start the timer which M&S will consider you as a "New Customer" again should you ever require a new promo card from them in the future.

I would do the same with your other dormant cards too. (maybe keep one with a smallish limit for emergencies). It  could take 3 or 4 months for the closed cards to drop off your credit report, so should put you in good standing in time for when your other BT card offers expire next year.

wiseonesomeofthetime

Closing the account will also increase your credit useage utilisation (the negative side of closure).

vacheron

wiseonesomeofthetime said:

Closing the account will also increase your credit useage utilisation (the negative side of closure).

Indeed. Though as the OP mentioned they have other dormant cards I made the assumption that they probably aren't that close to the utilisation alarms as the available credit alarms, this is simply an assumption however. 

I can certainly say from my own current situation that it is most certainly the available credit that is killing all my chances of getting another shiny new BT card, rather than the credit utilisation.