Should I cancel my credit cards

alchap10

I have been transferring my balance to and from different credit cards for a while now, my query is should I be cancelling my old cards or keeping them?

Which way will improve my credit rating?

The cards I have are HSBC, Egg, Barclaycard and now Virgin

omega27

HSBC seem to have a permanent 5.9% for 6 months offer with no fees, useful for short periods in-between 0% deals. Egg has the anniversary offer. Not sure if the Barclaycard/Virgin are worth keeping, but always worth phoning up to see what they'll offer you?

Walletwatch

Agreed. Call them and tell them you've been having their card for quite some time and do not want to leave, but have just been approved for a 0% deal on some other card, so u can only stay if they offer you something equivalent. Has worked for me on a couple of occasions, one of them being Citibank that came up with a generous 1.9% offer for nine months!!!

The only other reason I'd hold on to a card anyway is if it offers good cashback, so I can make all my purchases on that card, just make sure you pay it off in full every month.