closing credit card account

[ramirez]

I have a credit card with £0 balance, and with a £4000 limit that I never use, is fairly generic and generally not much use to me as the interest rate is high (HSBC standard Mastercard.)

I want to apply for a card with a decent balance transfer deal so I can not worry so much about interest on an outstanding balance I have.

Would I be best off closing the card that I never use, or just keep it open?

Any idea how this would affect my credit rating (which is good.)

 

[Indy500]

Close it if you don't use it. Simple really.

 

[Scuzi]

In theorey, closing the account will mean that you have less credit available to you hence increasing your chances of getting a better deal or more credit on another card. They work in weird and wonderful ways though so this may not exactly be the case. Check out www.moneysavingexpert.com for a more comprehensive guide.

 

[stoofa]

Over the last couple of years I've managed to get myself a lot of credit cards.
Not because I want the credit limits, but I had an outstanding balance that I was simply shifting around from 0% interest cards - as one 0% period came to a close I got a new card elsewhere and shifted the balance.
I decided to clear that balance late alst year as I just couldn't be bothered to get any more 0% cards

Anyway, I've spent a lot of the first week of 2008 writing to credit card companies and cancelling cards.
It just makes sense to just keep the card you are using, usually the one with best interest rate/cashback/credit limit and just get rid of the rest.
If nothing else it will stop you being tempted to use some of those other credit limits.

 

[platypus]

Not because I want the credit limits, but I had an outstanding balance that I was simply shifting around from 0% interest cards - as one 0% period came to a close I got a new card elsewhere and shifted the balance.
I decided to clear that balance late alst year as I just couldn't be bothered to get any more 0% cards

It's a good trick if you can do it.

 

[me227]

Anyway, I've spent a lot of the first week of 2008 writing to credit card companies and cancelling cards.

So you just wrote to the companies instead of calling? Is that fine to do with the likes of Barclays and all? As i've two credit cards I want to cancel but I couldn't be bothered going through some indian call centre.

 

[platypus]

So you just wrote to the companies instead of calling? Is that fine to do with the likes of Barclays and all? As i've two credit cards I want to cancel but I couldn't be bothered going through some indian call centre.

I think you'll find most credit card companies require it in writing, as it means it's harder for you to cancel.

 

[Random Guy]

I have a credit card which I do not use and has a 0 balance, but keeping it in case a rainy day situation ever arises. It costs me nothing to have so its a good option.

 

[Lunatic Dreyfus]

I think you'll find most credit card companies require it in writing, as it means it's harder for you to cancel.

Especially when they don't provide useful addresses. But still, once you do find out where to send it, writing a credit card cancellation letter is a sweet, sweet thing. I did that to those "wonderful" people at the Halifax a few weeks back. Most satisfying.

I have a credit card which I do not use and has a 0 balance, but keeping it in case a rainy day situation ever arises. It costs me nothing to have so its a good option.

I suspect at some point the credit card company will write a nice letter to you, and close the account. It's of no use to them to have you sitting happily a £0.00. They want your interest.

 

[kefkef]

I think you'll find most credit card companies require it in writing, as it means it's harder for you to cancel.

I cancelled Capital One, Mint, Virgin & Egg cards over the phone after i made sure that the balances were all zero, people on the other end went through the usual why do you want to close it,j ust keep it with £0 balance etc, but in the end they agreed to cancel, didn't need to write in at all. Be aware that they will not usually let you re-apply within 12 months for a card from them.

 

[stoofa]

It's a good trick if you can do it.

To be fair I was fast running out of credit cards to get
You think there are hundreds of credit cards out there but a lot of them are issued from the same bank.
I've only paid the balance off because I've been promised our Profit Related Bonus in February.
Otherwise I'd have found another one for another year of 0%.

It used to be a lot easier but these days they all charge you 2%-3% to transfer a balance which sucks a little.

 

[stoofa]

So you just wrote to the companies instead of calling? Is that fine to do with the likes of Barclays and all? As i've two credit cards I want to cancel but I couldn't be bothered going through some indian call centre.

I had two cards with Egg.
An Egg Card and an Egg Money (formally Egg Blue) Card.
I cancelled the Egg Card via secure e-mail from my account.
I wrote to the Halifax and they cancelled my account.
Mint wanted me to call them - but I'm really not in the mood for chatting away to somebody who is going to attempt to convince me to keep the card, so I'll write back again and say I haven't the time to call so kindly just do as I ask!
I haven't done my Capital One card yet as this is the card that had my outstanding balance on, so I want to get a £0 statement from them and then I'll cancel it.

End result is that I should just have my Egg Money Card, wife has a card on the same account and that should be it.