Credit card question

[mech81]

I'm the process of streamlining my finances.

I just have a small and possibly stupid question. Is someone able to cancel the credit card that is given as part of a home loan package? I've tried to reduce the limit on the credit card but its at its lowest and I find now that I have no longer a need for it as my partner has a few CCs and I just end up using hers due to it giving better rewards hence the want to cancel.

Apologise if its a dumbish sort of question.

 

[Aaron_C]

Of course you can cancel it.

 

[Rolf Latham]

Hi

Depends on the lender

some do have an insistence on a Gold card on some of the package deals.

CBA used to insist, but did drop the mandatory bit

I recall ANZ is one of those that still do, but I could be wrong

Best to check with your package rules to ensure you arent going to lose ur package discount


ta
rolf

 

[Aaron Sice]

i can't cancel my 20%+ cc as part of my CBA MAV package - if i cancel the card, i lose the 0.7% discount.

 

[wylie]

If you must keep the card as part of the package could you simply cut the card/s up ?

 

[Kinnon Bell]

Mech, which bank is the card with?

 

[mech81]

Hi guys,

The card is with ANZ under the breakfree package. I'm trying to reduce my credit limit with them and the thing is its at its lowest limit $5000!!

I just don't have a need for it as I use my dad's supplementary one and I just pay him back when the statement arrives. So I'm trying to increase my borrowing capacity by reducing my credit capacity.

 

[Kinnon Bell]

Could you do a product transfer to a card that can have a lower limit and still be part of the package?

 

[Aaron_C]

Dennis - even under the most conservative lending calculator, a credit card of a limit of $5,000 only limits your servicing by about $18k....are you really that tight on servicing?

 

[jacbmw]

Good to know Aaron

Can remember once way back I tryed to get my ANZ CC cancelled, they Offered me $100 there and then to not proceed with the cancellation... I was pretty shocked.. I took the money, then called back laters and cancelled anyways. lol

 

[Peter_Tersteeg]

Aaron: CBA will allow you to get rid of the credit card, but with most credit card providers, you need to be fairly insistant. It's no longer a requirement and you shouldn't loose your discount (tell the if you do, you'll walk).

For the most part, a $5,000 limit is manditory with the ANZ and it's the minimum. If you determine that the $5,000 limit is to much and might make your life difficult, they do have to reduce that limit. It is possible to get the credit card reduced, but you almost have to show them that it's inapproporiate.

 

[mech81]

Thanks guys for your replies. Its all been very helpful.

Aaron: Its just that I don't really use it and who knows that 18K possible loan credit might be useful in gettin PPOR that me and my partner would like to live in. Thanks for crunching the numbers. Really appreciate for that.

 

[Aaron_C]

Thanks guys for your replies. Its all been very helpful.

Aaron: Its just that I don't really use it and who knows that 18K possible loan credit might be useful in gettin PPOR that me and my partner would like to live in. Thanks for crunching the numbers. Really appreciate for that.

No worries. Just wanted to know because it's not a lot of money there

 

[BV]

Hi

Depends on the lender

ta
rolf

Rolf

What about the rocket loan with westpac?

cheers

 

[Ms Jade]

Rolf

What about the rocket loan with westpac?

Bill, I successfully declined my cards with them.

 

[BV]

Bill, I successfully declined my cards with them.

Great thanks.