Credit card, keep or get rid of?

Captain Slow IRL

Just after clearing my credit card and don't want a repeat of what I seem to have done many times in the past - ran it up quickly and spend ages clearing it.

Would it be a stupid idea to get rid of it altogether? If I was to keep it locked away, would it be beneficial to my credit rating to have and not run up any expenditure on it?

And how exactly do I get rid of it? (Ulster Bank card) Does the bank have to get it in writing or can I just cancel it over the counter?

Thanks in advance

chris85

Captain Slow IRL wrote: »

Just after clearing my credit card and don't want a repeat of what I seem to have done many times in the past - ran it up quickly and spend ages clearing it.

Would it be a stupid idea to get rid of it altogether? If I was to keep it locked away, would it be beneficial to my credit rating to have and not run up any expenditure on it?

And how exactly do I get rid of it? (Ulster Bank card) Does the bank have to get it in writing or can I just cancel it over the counter?

Thanks in advance

A lot of people say to get rid of it but depends how you are at controlling it in future. If there is any chance of you repeating your quick spending I would get rid of it.

Personally I like having it there in case of anything I need it for like flights, emergencies,etc. Things go wrong sometimes in places and a credit card is handy.

I always travel with it and keep it seperate to my debit card also. I have had my stuff stolen once and without my credit card I may not have eaten or had somewhere to sleep that night in a strange city.

I do pay my very well though and probably have paid a €5 in interest in the last 3 years with it but you must be disciplined with it.

To cancel it can write a letter or fill a form in branch. Bear in mind when cancelling you will need to pay the goverment stamp duty for 2012 when closing. This is normal for all banks.

Liam D Ferguson

If you're concerned that you might be tempted to run up a bill again, you could get a scissors and cut the credit card horizontally above the numbers. That way you can't use it for any impulse buys in shops again but you can still use it for internet purchases.

If that's not an appealing prospect, put it in a glass of water and keep it in your freezer. That way, you'll need to thaw it out for a couple of hours before use, which will give you sufficient time to contemplate whether or not you really need to borrow for the <insert temptation of choice>.

Captain Slow IRL

Has that stamp duty not been paid earlier last month? Or was that last years?

Mellio

Captain Slow IRL wrote: »

Has that stamp duty not been paid earlier last month? Or was that last years?

Stamp Duty is also payable on the closure of a Visa card account as well unless you close before the april date.

Robbery I think getting charged twice in the same year but thats our government for you.

chris85

Captain Slow IRL wrote: »

Has that stamp duty not been paid earlier last month? Or was that last years?

Tax year for the stamp duty starts on 2nd April.

filmbuffboy

OP - try to have the credit limit reduced to something manageable. If I were you I would hold onto the credit card as banks aren't giving them out so readily anymore and you never know when it might come in handy!

Daisy M

Going on your past history I would advise you to get rid of it. I presume if you are with ulsterbank you have a visa debit card, these are great I dont miss my credit card one bit.

johnfitz69

You should get the limit reduced. Its handy to have one, Visa debit cards have a max transaction of 1500. With the credit card you can load them up a make a transaction for more than the 1500.

Captain Slow IRL

Daisy M wrote: »

Going on your past history I would advise you to get rid of it. I presume if you are with ulsterbank you have a visa debit card, these are great I dont miss my credit card one bit.

This is the route I'm probably going to go down, the OH has a cc if it's needed. I'm just pissed that I've to pay the surcharge again :mad: