06
Mar
2018
A question about : Cancelling credit cards after transfer
Is it good, bad or doesn't make a difference if you are a credit card tart and cancel each credit card as you transfer the balance from it ?
I am concerned it may affect my credit rating if i close them. I would prefer to close them as so not to have multiple credit cards with no balance on them.
Best answers:
- Not a recommendation, but more a personal feeling is that I would cancel all but one or two, as you don't get stuck having empty cards and then after a while you will count as a new customer again, so will be able to take advantage of 0% offers.
One which is slightly different is Egg, as the anniversary offer is equal to the joining offer. - I always cancel those cards that I do not wish to retain.
With cards that are used for bts only with no intention to use them I usually cut the card up immediately upon receipt. This reduces the possibility of loss and fraud.
One month before the end of the 0% offer I activate the bts, then await the next statement, pay off the total small balance left, return the cut up card with a request to close the account.
Usable Credit cards with large credit limits and no spend can be attractive to internal fraud.
This normally actions a polite letter asking for an explanation as to why, standard answer 'a more competitive offer'
Hope this helps
Yorkieds
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