Cancel new or older Credit card?

dubdub123

New Member
Messages
4
Hi, I've had a BoI credit card for years and years and at the start of 2020, I decided to open up a new credit card and move the balance across as I would be able to avail of 0% interest for the year.
I'm not trying to re-finance a loan and have been told it has been refused and the credit that I have has been pointed out as a possible issue, so now I'm going to cancel one of the credit card. I also want to avoid charges across two cards.
My question is which should I cancel
* Older card - BoI card that I have over 10 years
* Newer card - An Post AvantCard which I have since start of year.
Thank you for any input
 

Mrs Vimes

Frequent Poster
Messages
955
Which has the higher credit limit? Do you ever pay interest? If so, which has the lower interest rate?
 

dubdub123

New Member
Messages
4
Both have same credit limit (although newer one I was offered higher limit but didn't want it higher)
Currenty for new one I'm on 0% interest rate but that will change after 12 months
Assuming interest rates are close (I'll need to confirm that) is there any advantage in keeping an older card rather than newer one?

Any ideas whether lenders for personal loans would prefer to see that you have the same credit card for years or does it not matter?

Any info appreciated, thank you
 

RedOnion

Frequent Poster
Messages
4,286
This is really simple. Nobody cares how many credit cards you have. They do care that you've an outstanding balance that you're not clearing.
 

dubdub123

New Member
Messages
4
OK thank you for feedback.
@RedOnion - the lender that I've contacted in relation to re-financing existing loan came back with feedback that loan was not automatically approved and that credit limit across the credit cards may be an issue, so that's why I'm looking to cancel one of them now. I honestly just hadn't gotten around to cancelling the older one and now I'm wondering would it be better to have older one that I have years.

@Laughahalla - I was planning to just keep one card in case needed for car hire etc in the future. It's not used for day to day expenses. So thought best to have one card just in case.
 

Laughahalla

Frequent Poster
Messages
172
@Laughahalla - I was planning to just keep one card in case needed for car hire etc in the future. It's not used for day to day expenses. So thought best to have one card just in case.
[/QUOTE]

Car hire companies will accept debit cards.
I got rid of my CC and just use debit card.
It's issued by the same companies i.e MasterCard or Visa so you still have protection with your debit card. I've successfully charged back to MasterCard for a debit card transaction.
Take the leap :) free yourself from being owned by CC company . Won't it be great not to have a "Master" card. :)
 
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