CreditCards Blog

I have five credit cards, with about 25k available. I will never need this amount of credit, i have five cards as i took advantage of cheap balance transfer deals over the last six or seven years. I now only need one card so can i just ring up and cancel these unwanted accounts with these companies? I have heard they are very reluctant to do this:confused:

Thanks in advance.

i recently have cancelled several credit cards i no longer use (from 8 credit cards down to 4 credit cards) (mint, natwest, egg etc were cancelled) and thankfully they were ok about it, was cancelled fairly quick, i just called and asked for them to be cancelled, they did offer 0% bts or other offers etc, but when i explained i didnt need them (as i already have a 0% card till nov next year) and i am reducing my credit cards they were fine about it.

had a problem with mint one, that the person i spoke to the first 2 times didnt actually cancel the card, but its been sorted now.

choose carefully which cards you cancel though vs decide to keep, as you cant reapply for them for at least 9 months to a year in many cases, so if you change your mind then you may regret it (ie i kept nationwide for no charges abroad, lloyds amex for airmiles cap one for 0% and halifax as i have never had a problem with them and have a decent limit)

Okay i'll bear that in mind....many thanks

All it takes is a simple phonecall to cancel. You may be asked why, but if you really don't want the card don't get led into a lengthy discussion as to why.
Weigh up the pro and cons of cancelling certain cards, what do they currently give you access to ? cashback, discounts, insurance, free credit reports etc. Also try to obtain repeat 0% deals before cancelling, I've had a fair few before.
When cancelling cards over the phone always take the name of the c/s agent you are dealing with and request they send confirmation of the cancellation in writing.

As for re-applying for the same cards at a later stage, they all differ, some groups of cards can be applied for after 28days, some 3 months, some 6 some 12, again check with the operative when cancelling what the restrictions are just in case you see future offers.

Good general advice from exel1966 there - always take a note of these things, request information in writing and keep all paperwork/copies of letters sent.

It's really not hard to close a credit card account - I've done it several times without grief and my gf just closed an account that was no longer 'value for money' and it only took two quick phone calls.

A follow on question. When are you more likely to be offered a deal such as the 0% BT? When you have 0 balance and are thinking of cancelling? or when you have a balance on there that they can try and lock you into paying BEFORE any credits go to any amounts transferred?

the three cards i cancelled all offered me a 0% bt deal for various periods when i cancelled mine and had no balence on any of them (one i had not even used for over a year) so not having any balence would not necessairly be a proplem

Makes sense - It's an offer to keep your custom more than anything else

Thanks! I'll work out how to work this into my payment schedule.. right after the X-Factor final

I recently cancelled a card that was sent to me. I applied for the 0% deal but regretted it when I read the piles of complaint threads about the company here on MSE. I signed the 'end this agreement' part of the form, cut up the card and posted it back to them recorded delivery. I have kept photocopies of it all.