Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 18th Oct 19, 12:02 PM
    • 28Posts
    • 132Thanks
    femalemonarchfemalecanine
    best cards to cancel
    • #1
    • 18th Oct 19, 12:02 PM
    best cards to cancel 18th Oct 19 at 12:02 PM
    Hello

    I realise this is a bit of a 'how long is a piece of string' type question, but I would appreciate your opinions
    rough figures are below, date is when I opened the card:

    card 1, Jan 2003 limit £4,500 everyday spending pay in full - nationwide
    card 2, Aug 2003 limit £9,500 balance £3,900- Barclaycard ex egg
    card 3, June 2004 limit £10,500 balance £5,100 - Barclaycard ex egg
    card 4, July 2011 limit £15,000 balance £4,200 mbna
    card 5, May 2014 limit £9,500 no balance rbos
    card 6, Aug 2015 limit £13,000 no balance - virgin
    card 7, April 2018 limit £10,000 everyday spending pay in full amex
    card 8, April 2019 limit £6,500 balance £5,500 sainsbury

    salary £34,000

    All the balances are 0% and I'm paying more than the minimum so they will be paid before the 0%expire, except on card 8 where there is only the option with DD to pay min or all, so that is minimum - I shall close this when the 0% ends and transfer/pay off

    My dilemma is over cards 5 and 6 - should I close one or both, if one, which one is best? Neither seem to offer much in the way of BTs, so if I did transfer card 8 I'd be better getting a new card I think [if able, of course].

    Just thinking about available credit vs salary, amount of available credit used and all that.
    I also have a loan with about £8,000 outstanding, being paid monthly.

    As I say, I know it's an inexact science, but I would appreciate thoughts on closing 5 and/or 6

    card 1 and 7 I definitely want to keep as they both give cash back, and I've had card 1 for ages

    many thanks in advance!
    Last edited by femalemonarchfemalecanine; 19-10-2019 at 9:32 AM.
Page 1
    • sourcrates
    • By sourcrates 18th Oct 19, 12:40 PM
    • 18,602 Posts
    • 17,507 Thanks
    sourcrates
    • #2
    • 18th Oct 19, 12:40 PM
    • #2
    • 18th Oct 19, 12:40 PM
    Hi,


    I have to beg the question, why does anyone need 8 credit cards ?


    Thats a whopping £78.500 credit limit !!!
    Last edited by sourcrates; 18-10-2019 at 12:42 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 18th Oct 19, 12:52 PM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    • #3
    • 18th Oct 19, 12:52 PM
    • #3
    • 18th Oct 19, 12:52 PM
    I say I probably don't need 8 cards! Many have been taken out for offers, and I've rather lazily not bothered cancelling them, however, given that I have what I have, I was finally thinking to cancel the unused ones, so better late than never?

    I do know why I have these balances etc, and they are not causing me problems, just wondering what all the experienced people think re cancelling the two 'spares'.

    I used to have well over £100,000 credit available - and I earned less. Hasten to add, I never used anywhere near that, just prior to my last round of cancelling the cards I never used ;-)
    no intention of getting near the current amount either!
    Last edited by femalemonarchfemalecanine; 18-10-2019 at 12:54 PM.
    excuse the username, what I wanted wasn't allowed. It's just a song title...
    • Penelopa.Pitstop
    • By Penelopa.Pitstop 18th Oct 19, 12:59 PM
    • 611 Posts
    • 226 Thanks
    Penelopa.Pitstop
    • #4
    • 18th Oct 19, 12:59 PM
    • #4
    • 18th Oct 19, 12:59 PM
    Do cards 1 and 7 offers some rewards/points/cashback? Do cars 5 and 6 offer it? Depending on it, I would keep cards with highests limits and got rid of the ones with lower limits, unless they offer something extra. Or just keep all of them and wait for the companies to close them by themselves.

    • bargainbetty
    • By bargainbetty 18th Oct 19, 1:00 PM
    • 3,110 Posts
    • 7,173 Thanks
    bargainbetty
    • #5
    • 18th Oct 19, 1:00 PM
    • #5
    • 18th Oct 19, 1:00 PM
    Sourcrates is right - that's a lot of cards and a lot of available debt.

    I was in a similar situation, albeit lower numbers, and tidying it up did make life a bit easier.

    card 1, Jan 2003 limit £4,500 everyday spending pay in full
    card 7, April 2018 limit £10,000 everyday spending pay in full You don't need £14.5k of everyday spending. Pick the one with the best cashback rate/ease of use and close the other.

    Card 2, Aug 2003 limit £9,500 balance £3,900 Perhaps reduce your overpayments elsewhere and throw every spare penny at this to finish and close it?
    card 3, June 2004 limit £10,500 balance £5,100
    card 4, July 2011 limit £15,000 balance £4,200

    card 5, May 2014 limit £9,500 no balance
    card 6, Aug 2015 limit £13,000 no balance Close one or both of these - personally I'd go with both as you have a fair amount of wiggle room elsewhere if you needed it, but close card 6 at minimum, as it will bring your available credit limit down substantially and level it off with your income

    card 8, April 2019 limit £6,500 balance £5,500 Why not put overpayments in a savings account so you can do a lump sum later, or throw then at one of the others?

    Best of luck
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
    MFW - Joined May 2012, aiming to cut the mortgage by an extra two months every year. (Overpaid £3000 so far)
    , only 11 years to go.

    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 18th Oct 19, 1:16 PM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    • #6
    • 18th Oct 19, 1:16 PM
    • #6
    • 18th Oct 19, 1:16 PM
    cards 1 and 7 are both cashback, I intend keeping both, 7 is amex, better cashback and though generally accepted, not always, and I've had card 1 for ages

    card 8, I would have the funds to pay the remaining balance off when the offer ends, but if I can get a decent BT offer, might as well. I know with interest rates the way they are it's not easy to make a few quid on 0% [especially as most have fees] but if possible, it seems rude not to, otherwise I'll pay it.

    card 3 is getting most paid at the moment, then card 4 will, then card 2 - this will enable me to pay them all prior to the 0% ending.

    tending to be minded to shut both unused cards. Having lots of cards doesn't bother me, I've got DDs set up and a spreadsheet, so I'm on top of them, but it seems pointless having ones I've no use for.

    I very much see the limits as pie in the sky, and definitely not something to aim for!
    Last edited by femalemonarchfemalecanine; 18-10-2019 at 1:23 PM.
    excuse the username, what I wanted wasn't allowed. It's just a song title...
    • jeepjunkie
    • By jeepjunkie 18th Oct 19, 1:27 PM
    • 1,678 Posts
    • 1,478 Thanks
    jeepjunkie
    • #7
    • 18th Oct 19, 1:27 PM
    • #7
    • 18th Oct 19, 1:27 PM
    Assuming no benefits e.g. fee free money transfers etc I would close them. Unless actively stoozing I can see little point in having more than one card. Cashback these days is pretty much a waste of time besides research has proven people spend more than if they used their debit card.
    • Gary_Dexter
    • By Gary_Dexter 18th Oct 19, 3:48 PM
    • 6,834 Posts
    • 4,554 Thanks
    Gary_Dexter
    • #8
    • 18th Oct 19, 3:48 PM
    • #8
    • 18th Oct 19, 3:48 PM
    Hi,


    I have to beg the question, why does anyone need 8 credit cards ?


    Thats a whopping £78.500 credit limit !!!
    Originally posted by sourcrates
    I have 6 or 7 but they offer various rewards, cashback, points etc.
    • Gary_Dexter
    • By Gary_Dexter 18th Oct 19, 3:49 PM
    • 6,834 Posts
    • 4,554 Thanks
    Gary_Dexter
    • #9
    • 18th Oct 19, 3:49 PM
    • #9
    • 18th Oct 19, 3:49 PM
    Who are the lenders, card type, APR etc?
    • stehouk
    • By stehouk 18th Oct 19, 3:59 PM
    • 296 Posts
    • 126 Thanks
    stehouk
    Personally i close cards that are of no use once the 0% offer has expired, i can then re-apply in the future for another 0% offer.
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 18th Oct 19, 4:10 PM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    Who are the lenders, card type, APR etc?
    Originally posted by Gary_Dexter

    various lenders, nationwide amex barclaycard Sainsbury rbos virgin mbna. all visa bar the amex I think, all mainstream, no sub-prime
    APRs vary, but I don't pay interest so it's fairly irrelevant
    excuse the username, what I wanted wasn't allowed. It's just a song title...
    • Ben8282
    • By Ben8282 18th Oct 19, 4:53 PM
    • 3,933 Posts
    • 2,149 Thanks
    Ben8282
    Your reason for suddenly deciding to cancel cards appears to be

    Just thinking about available credit vs salary, amount of available credit used and all that.

    Clearly you have had no difficulties in obtaining credit so far and were given a respectable enough limit on the application made this year, so I can't really understand your sudden concern. My own available credit exceeds annual income but until something happens like an unexpected decline or a pathetic credit limit, I am not concerned.
    various lenders, nationwide amex barclaycard Sainsbury rbos virgin mbna. all visa bar the amex I think, all mainstream, no sub-prime
    APRs vary, but I don't pay interest so it's fairly irrelevant
    Originally posted by femalemonarchfemalecanine
    Really? Are they UK issued?

    Beyond telling us that cards 5 and 6 are unused there is no information contained in the OP that could really assist in suggesting which cards should be cancelled.
    Considering the number of cards with balances, I would actually keep these cards 5 and 6 for the moment. They may come in useful one day.
    Last edited by Ben8282; 18-10-2019 at 5:52 PM.
    • Gary_Dexter
    • By Gary_Dexter 18th Oct 19, 5:41 PM
    • 6,834 Posts
    • 4,554 Thanks
    Gary_Dexter
    various lenders, nationwide amex barclaycard Sainsbury rbos virgin mbna. all visa bar the amex I think, all mainstream, no sub-prime
    APRs vary, but I don't pay interest so it's fairly irrelevant
    Originally posted by femalemonarchfemalecanine
    It’s not really irrelevant.

    Are any from the same lender?

    You obviously don’t pay them off in full as you are currently carrying balances on them, 0% or not.
    • Heng Leng
    • By Heng Leng 18th Oct 19, 6:41 PM
    • 4,893 Posts
    • 1,608 Thanks
    Heng Leng
    A list of APRs and card types/benefits would be useful for us to advise.
    • SnowTiger
    • By SnowTiger 18th Oct 19, 9:42 PM
    • 3,912 Posts
    • 2,894 Thanks
    SnowTiger
    A list of APRs and card types/benefits would be useful for us to advise.
    Originally posted by Heng Leng
    Certainly would.

    Some cards are worth keeping.

    Examples:

    Barclaycard because of balance and money transfer offers;

    LLoyds, Halifax, BoS and Santander because of regular cashback offers;

    cashback cards;

    and cards that don't have fees and charges for foreign spending.

    I think it's also wise to have at least one Visa and one Mastercard branded card.
    • Gary_Dexter
    • By Gary_Dexter 18th Oct 19, 10:23 PM
    • 6,834 Posts
    • 4,554 Thanks
    Gary_Dexter
    APR was already asked and was told it’s “irrelevant” as balances always cleared in full (which they’re obviously not).

    Also if any cards are from the same lender then OP could look at merging/consolidating them to fewer cards.
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 19th Oct 19, 9:22 AM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    APR was already asked and was told it’s “irrelevant” as balances always cleared in full (which they’re obviously not).

    Also if any cards are from the same lender then OP could look at merging/consolidating them to fewer cards.
    Originally posted by Gary_Dexter
    sorry, the non 0% cards are cleared in full, any balances not cleared are 0% ones, which will be cleared before interest is charges, which is why I consider the APRs to be irrelevant
    excuse the username, what I wanted wasn't allowed. It's just a song title...
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 19th Oct 19, 9:25 AM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    It’s not really irrelevant.

    Are any from the same lender?

    You obviously don’t pay them off in full as you are currently carrying balances on them, 0% or not.
    Originally posted by Gary_Dexter
    I don't pay the 0% in full, of course. But I don't pay interest as the cashback cards that I use for day to day spending are always aid in full.

    I'm more concerned with the question of closing the two unused cards, and the effect with the total available credit vs the percentage of available credit used.

    cards 2 & 3 are barclaycards, previously egg
    excuse the username, what I wanted wasn't allowed. It's just a song title...
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 19th Oct 19, 9:29 AM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    Your reason for suddenly deciding to cancel cards appears to be

    Just thinking about available credit vs salary, amount of available credit used and all that.

    Clearly you have had no difficulties in obtaining credit so far and were given a respectable enough limit on the application made this year, so I can't really understand your sudden concern. My own available credit exceeds annual income but until something happens like an unexpected decline or a pathetic credit limit, I am not concerned.

    Really? Are they UK issued?

    Beyond telling us that cards 5 and 6 are unused there is no information contained in the OP that could really assist in suggesting which cards should be cancelled.
    Considering the number of cards with balances, I would actually keep these cards 5 and 6 for the moment. They may come in useful one day.
    Originally posted by Ben8282
    my concern, or question really, is if want a future BT am I likely to be declined because of a high total limit, or is it better to show a low overall limit used to show that having a lot of available credit isn't a problem, as in I don't use it.
    excuse the username, what I wanted wasn't allowed. It's just a song title...
    • femalemonarchfemalecanine
    • By femalemonarchfemalecanine 19th Oct 19, 9:34 AM
    • 28 Posts
    • 132 Thanks
    femalemonarchfemalecanine
    changed the top post to put in the card providers, the nw is 9.9%, the rest are all around 18 to 24% apr
    nationwide & amex are cashback
    first Barclaycard and mbna used to be cashback, but I used both for 0% deals, so not absolutely sure if they still do cashback, or at what rate.
    Last edited by femalemonarchfemalecanine; 19-10-2019 at 9:38 AM.
    excuse the username, what I wanted wasn't allowed. It's just a song title...
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,875Posts Today

5,909Users online

Martin's Twitter