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I shreaded my credit card!
Today my long-standing credit card came to its anniversary. The offer my card company has is every anniversary for your card, balance transfers for the month are at 0%. This means I have always kept the card and I have used it to off set my mortgage. If mortgage offsetting is something new to you then see our over payment calculator. I have several thousand pounds on a card at 0%. I pay a small chunk off the bill each month. Before the rate goes up I move it to another card at 0%. This gives me up to 10000 pounds off my mortgage most of the time. At 6.25% this earns over 300 pounds a year tax-free which isn't too bad for nothing! So my long-term card hits its birthday but now the company is charging a balance transfer free, in the past it used to be free. They charge 2.5% and this is not capped. Other card companies will still offer free transfers and some will charge a lower percentage and others will cap the fee to a maximum. This meant my long-term card, which has always been the most competitive card on the market, was no longer of use to me. I called them up and told them they were no longer competitive and cancelled the card on the spot and then shredded it!
The reason for this story is even if you have been with a company for years, if they don't offer you want anymore then just leave. The more people who do this the harder they will have to work and in the end will provide leaner and more competitive products.
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