Just had an email from one of my credit card suppliers saying that as I am not using my card – they will close the account if I don’t make a transaction within a set period of time.
It’s one of those cards I opened ages ago to take advantage of a zero-interest balance transfer and had then chopped up the card so as to not be tempted to use it.
After stories in the media of people getting demands to repay outstanding debts instantly, and with visions of suddenly being faced with a demand to repay the outstanding balance, I trepidly logged in to the online banking page and (after a slight struggle with the password) found to my great delight that there is a zero balance on that account.
Although I generally don’t like having dormant accounts lying around unused for anything, I think it would be wise to keep the card active as there is a potential Â£3 grand available should I end up without an income in the near-future.
Considering the economic situation right now, to voluntarily give up such an emergency funding source could rather foolhardy.
I guess I better contact them and ask for a replacement cardÂ and buy something with it – then hide the card away in a deep, dark place (the gym kit is suitably unused and probably a good hiding place).