Who's cancelled their Velocity credit card?

[one9]

Yes you are right - I do not understand.

I have immediate access to $50K of credit card funds (not counting the corporate Amex) which in an average month is 10 times what I need. My credit report will have exactly 2 entries in it .... one for the dead NAB card and one for the Citibank replacement. Assuming I apply for more credit in the near future (which I don't need) I doubt whether having an entry for a card I have ditched will make any difference whatsoever. Especially since in the current climate of new cards and loyalty programmes there is a high level of churn.

...

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OK - Here is one possible scenario:

NAB Brings out a super fantastic new credit card.

If you keep your existing card with no fee, then you can simply fill in a form and change your existing card (which you don't use) to the new card.

Simple process. No credit check entry on your credit report.

If you had of cancelled, your card, not only does it take longer to get the new card, it also puts a new credit entry on your credit file.

Whilst it seems an extra credit enquiry on your file doesnt really matter, it is usually still better to keep the credit enquiries to a minimum. Especially if for some reason you need to have a lot of credit enquiries done on you in the future (eg. you open a business).

 

[albatross710]

I took the prompt from this thread and contacted NAB to discuss the Velocity card which I didn't end up using but of course was happy to accept the 15k Velocity points.

I cancelled the card and they kindly added the credit limit to my other NAB Visa card. (My original NAB visa used to have 5 times my monthly required limit, now it has 15 times the maximum monthly spend I've had on the card.)

With all of the talk about Baycorp I took the opportunity to get the free credit report from Baycorp. My profile is very boring (which is a good thing on credit reports.) It was interesting to see that they had most of my 10 residential addresses back to 1986!

 

[kamchatsky]

My card's annual fee is due at the end of December so I want to know if anyone get their Velocity card annual fee waived for another year? I am actually using it and don't want to cancel it until I get enough points ......

 

[oz_mark]

With all of the talk about Baycorp I took the opportunity to get the free credit report from Baycorp. My profile is very boring (which is a good thing on credit reports.) It was interesting to see that they had most of my 10 residential addresses back to 1986!

I am glad yours was boring. Mine had a reference for a check on my file (for an amount of $50!), that I have never been able to track down.

They also skipped several of my addresses.

 

[bits]

Just for everyone's info, I have been using my Velocity since their 2nd 15,000 free points offer back in Feb 06.

I called the NAB today to tell them to cancel the card (actually just didn't want to pay the $65 annual fee that was coming due in March 07).

Initially the guy (Manuel from Sydney) tried to offer me the NAB low rate credit card, which I declined, after I hinted that I didn't like the Velocity annual fee and said I would like to cancel the Velocity card.

He transferred me to another operator from Cards area (Amanda) who after reviewing my account usage (very little) asked why I wanted to cancel. I just said "annual fee" and she quickly said " oh, no problems I can waive the fee for you for another year. It's now not due until March 2008". Sweet, just what I was waiting to hear. She confirmed my details and would post a confirmation letter to me.

Hope this helps.

 

[N860CR]

I just tried the same thing and I'm fee free for another 12 months. No arguements at all, spoke to the first guy and just said "I'd like to talk to someone about the annual fee". Puts me on hold and another lady comes back and straight away says "We'll be able to give that to you fee free for another 12 months".

Couldn't be easier!

 

[kyle]

I just tried the same thing and I'm fee free for another 12 months. No arguements at all, spoke to the first guy and just said "I'd like to talk to someone about the annual fee". Puts me on hold and another lady comes back and straight away says "We'll be able to give that to you fee free for another 12 months".

Couldn't be easier!

I just cancelled mine, hoping for another points offer in a few months' time.

 

[SeaWolf]

I actually a bit surprised they seem to let people off the hook so easily. I would have thought there would be some clause that said if you basically just got the points and then killed the card they'd take the points off you. But I guess they must think it's worthwhile for them anyway.

 

[kyle]

I actually a bit surprised they seem to let people off the hook so easily. I would have thought there would be some clause that said if you basically just got the points and then killed the card they'd take the points off you. But I guess they must think it's worthwhile for them anyway.

I'm glad you dont run the banks' credit card schemes.

About to cancel another two cards before the annual fee kicks in.

 

[knight4success]

How does one track which bank is offering heaps of points and fees waivered and stuff ? ( I suspect from this forum)