Holding on to we don’t use anymore, is something that we have all probably done, and we ask ourselves if we should keep them or cancel them? Well the simple answer to that question is Yes, though there are a few types of cards that maybe worthwhile holding on to.

Cancelling old credit cards has a couple of plus points, one is that will keep you in the sharp end to receive some of the better deals that come onto the market. The other one of these pluses is, when you decide to terminate your existing card, this will open up a way of boosting your credit standing in the eyes of any new card issuer, as they will see that you are less likely to build up any oversized debt. If this were the only reason there was to cancel an old card, then it would be still a very worthwhile exercise.

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If you are planning to be card free once you have got into the position of clearing your, stop for a moment and think about what sort of card that you have in your possession, Cash back cards are a good card to hold onto, but keeping a card while building up your savings for a rainy day is also a good idea in case something comes up before you have saved enough to cover it, so put away a card or two that are clear, for that strictly just in case moment though make sure that it doesn’t carry a yearly fee or payment protection as this could lead you to be paying for something you are basically not using.

Two that are worth keeping in the current climate, are the Barclaycard and the Egg card; both of these are giving good deals to existing customers at the moment, Barclaycard are letting you transfer your debt to an altogether better rate of 2.9% until the debt is paid off, though they will charge a fee for this service. Egg have come up with a deal that gives current customers a 5 month period of 0% each year for the next 2 years, these are being in the knowledge that customers are more than likely to jump to another credit card company if they don’t come up with something that will make customers a little more loyal, so by showing a bit more loyalty to the customers they have then it will be shown in return.

A little note to end on and something that should not be done, what ever you do don’t take cutting your card up into little pieces as a way of cancelling a credit card when it is free of debt, do contact the card issuer and tall them that you wish to cancel and ask for written conformation when you have done so. Then after a few months make another call just to confirm that it fully cleared and no further unwanted correspondence will be landing on your doorstep.