Cancel visa card or not?

readyletsgo

Bit of advice from good 'ol AH's might help me out here

So I have a credit card, it's not a massive balance at all but I find I use it all the time for rubbish and just always paying bits off it each payday, which eats into my small wage.

I only have a few quid left to clear it off, so I'm thinking should I cancel it when paid off or hold onto it for future rubbish that I don't need from Amazon gameseek etc.

What do you guys think? I think I'm bad with money and the credit card company love me lol

g.a.b.e.

How about ask them to lower the limit?

It's not always easy to get access to credit when you need it so I would definitely keep it but change how I use it.

Maybe cut the card so you can't use it in stores?

brevity

Get rid, use the laser card IMO.

Streetwalker

Chuck it and get a debit card.

Get a debit card so you can't spend money you don't have. Put the Visa away for emergencies or travel abroad.

Kingp35

You don't need a credit card to buy online anymore. Just use your debit card instead. This will make sure you don't spend money that you don't have!

Lux23

Have you got a debit card? If so, get rid of the credit card, they really aren't of much use to you.

anncoates

Always handy to have a means of emergency /temporary credit which the debit card won't give you.

Just ask them to lower the limit and stash it away for when it's really needed.

Oryx

Lower the limit.

Change the pin but don't make note of it, so you can only use the card online.

Wrap it up and freeze it inside a block of ice in your freezer so you cant use it impulsively.

Give it to a responsible adult who will only return it if you beg pathetically.

Max it out. Then you cant spend on it.


I tend to go with the last one.

gandalf

I'd hold onto it, they are always handy for travel and events.

Change the payment options to automatically paying the balance each month. That way you know if you spend with it you will have to pay it in full next month. I find it tends to cut out a lot of the impulse purchases.

slinky2000

g.a.b.e. wrote: »

How about ask them to lower the limit?

It's not always easy to get access to credit when you need it so I would definitely keep it but change how I use it.

Maybe cut the card so you can't use it in stores?

Credit cards come in handy all the time when you don't have a lot of cash in the bank ready to go.

For instance I had to pay for a large holiday the other day worth a few grand. flights, hotels, car rental etc and I didn't have it in my current account. I have it in savings alright but would take a few days to transfer out so having the credit card was dead handy.

I would keep it just change how you use it.

The Backwards Man

I'd keep it for emergencies too, the likes of car rental companies and hotels can put on a hold that would cripple a debit card. The only things I use my credit card for are planes, hotels and penis pumps.

Aint Eazy Being Cheezy

Oryx wrote: »

Wrap it up and freeze it inside a block of ice in
your freezer

:pac:

Wtf, that is ingenious!

alchemist33

Pay the whole bill off each month by direct debit and you'll never pay any interest.

snubbleste

Credit card stamp duty €30 pa
Debit card €5 pa

That alone should sway the argument.

geosynchronous orbit

readyletsgo wrote: »

...........but I find I use it all the time for rubbish and just always paying bits off it each payday, which eats into my small wage.

.......... hold onto it for future rubbish that I don't need from Amazon gameseek etc.

............I think I'm bad with money and the credit card company love me lol

Keep the credit card.

You are an adult - a credit card is a vital link in a mature, structured, budgeted, personal finance setup.

By asking the question in relation to cancellation you are abdicating your responsibility to yourself....

Address the issue of succumbing to tatt and shiney things...

It is a skill that will last you a life time.

readyletsgo

All very VERY good advice! I've reduced the limit a few times over the years, have it down to 1200, pay off the last 80 next week. It's handy totally to have for holidays etc.

I've removed the card number from every site I know, so that's one step. Next I could reduce it to 900 maybe and hide it away. But as others say, I do have a debit card which I never use so I could use that instead and just cancel the visa card. Just annoying is all, its not distroyi g my life or anything lol. Just thinking with common sense is all.

Freezing it in a block of ice is a really good idea too lol.


EDIT: also, Amiibo, that's all I'll say on that.

geosynchronous orbit

Well done on clearing your CC debt!!

There is nothing like the feeling of being debt free -

I don't often offer advice of a financial nature but you sound like you are ready to take the next step on the road to being a financial bad ass..

Check out a blog called mr money moustache... it will free your mind.
Read, absorb, ponder and practice.

Credit cards are a much better option for online use and also very handy in situations where you are stuck for cash.

I would strongly advise against using debit cards online as if your cards security is compromised (as is happening a lot of people recently) you can have your current account emptied and you can end up in trouble with bills, day to day spending etc. If it happens the credit card and once you don't rely on it it's not such a big deal to wait for the bank to investigate and redund your money etc.

Just use your card wisely, pay off some of it every month and don't let the balance get too much.

readyletsgo

geosynchronous orbit wrote: »

Well done on clearing your CC debt!!

There is nothing like the feeling of being debt free -

I don't often offer advice of a financial nature but you sound like you are ready to take the next step on the road to being a financial bad ass..

Check out a blog called mr money moustache... it will free your mind.
Read, absorb, ponder and practice.

Thanks dude! What's this MMM thing? Have a quick look over the front page. Is it like tips and life hacks on not spending money? You use it I take it?

keeponhurling

snubbleste wrote: »

Credit card stamp duty €30 pa
Debit card €5 pa

That alone should sway the argument.

I cancelled my cc for this reason, as I didn't really ever use it.
Thinkl the stamp duty might have been as high as €40 actually

snubbleste

keeponhurling wrote: »

I cancelled my cc for this reason, as I didn't really ever use it. Thinkl the stamp duty might have been as high as €40 actually

It was €40. But it was reduced.