Is it worth keeping card accounts open?

Sunshine_and_Roses

I am stoozing on four cards at the moment, current balance is around £12k.  I have a credit card with Virgin with £2200 available and Santander with £4000 available.  Is it worth me keeping these accounts open for when the 0% period ends on my other cards next year, or will closing them generate more offers for 'new' customers?

Brie

So you have 4 cards or 6?  

My guess would be that closing the Virgin card might be a good idea as it only has a £2200 limit which is, to me, not enough to work with.  You'd only be allowed to transfer about £2k with that.  The Santander limit sounds a bit more useful.

The crucial thing will be how likely will you clear the other cards before the offers end?  Also what cards are they and how good and regular are their offers?  

Obviously the less credit you have available the better risk you are to a bank but you also have to balance that against what banking groups you already have cards with and can you operate without Virgin and Santander.

Sunshine_and_Roses

Brie said:

So you have 4 cards or 6?  

My guess would be that closing the Virgin card might be a good idea as it only has a £2200 limit which is, to me, not enough to work with.  You'd only be allowed to transfer about £2k with that.  The Santander limit sounds a bit more useful.

The crucial thing will be how likely will you clear the other cards before the offers end?  Also what cards are they and how good and regular are their offers?  

Obviously the less credit you have available the better risk you are to a bank but you also have to balance that against what banking groups you already have cards with and can you operate without Virgin and Santander.

Thanks for your reply.  I have Amex and M&S for everyday use (AMEX cleared monthly in full, M&S slow stooze), then 2 x Barclaycard, Nat West and HSBC all on 0% until next year.  I have the full amount to clear these cards in a Chase savings account getting a decent amount of interest.  The Virgin and Santander were 0% and paid in full before the end of the promotion period.  All cards have been fee free to transfer, and I pay slightly over the minimum each month.

I see what you mean about the Virgin card, my OH also has a card with them, and same with Santander.