Cancelling Barclaycard Rewards

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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RockyIV
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Cancelling Barclaycard Rewards

Postby RockyIV » Sun Jan 11, 2015 8:27 pm

I'm considering to cancel my Barclaycard Reward Mastercard. It's my lowest CL and I hardly ever use it.

It's the only card that hasn't grown with me since I started building. Are they normally a "conservative lender"?

If I call to cancel the card, do they offer any incentives to make me stay? Bonus points or something...


popamode72
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Postby popamode72 » Sun Jan 11, 2015 10:37 pm

I'm not really that big on Barclays personally but you could always apply for the Sallie Mae Mastercard, Arrival or another one of their cards and see if you can get approved for it and then move the limit of your Barclaycard Rewards and close it out. If that's not possible, you can go ahead and close the card and move on from them.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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lobbythis
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Postby lobbythis » Mon Jan 12, 2015 1:30 am

Been with Barclays since May '14. Had Apple Visa to start, then got the Rewards card. Neither have had a CLI even after requesting. I also tried to consolidate them and was told it could not be done by one rep, but when I called again to cancel the Apple Visa, they quickly offered to consolidate.

Now they are counting that consolidation as a CLI on the Rewards card. This is my only experience with consolidation, but I think counting that as a CLI is absolute horsesh*t.

For me, they seem to be incredibly conservative. I have maxed out these cards and PIF every month. If you can't get what you want with them, I'd say cancel it. I'm going to stick it out a few more months (May anniversary) because I was hoping to PC to Arrival and then Arrival+ down the road, but I'm not so sure it's going to happen anymore.

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kcm7
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Postby kcm7 » Mon Jan 12, 2015 9:37 am

The worry in these situations is that, by cancelling the card, you'd lower your overall credit limit and have to worry more about utilization. If the card has no annual fee, some people would advise keeping the card open and just stashing it in a safe. That way you keep the credit limit.

It's legit advice if your utilization tends to creep up, but it's advice I've never followed. I mean, I cancelled a card with a rather high credit limit once. I pay in full several times a month, so my utilization never gets high. Just something to keep in mind, though.

As for incentives to stay, call them, say you're cancelling and see what they'll give you. I had Citi offer me a bonus of 3,000 bonus points if I spent $500 in three months when I called to cancel (I think those were the numbers, anyway). Since the card had an annual fee, I wasn't too impressed and cancelled anyway. But it's worth a try.
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-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
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RockyIV
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Postby RockyIV » Tue Jan 13, 2015 1:53 pm

I'm not worried about my credit utilization really, I generally keep it under 10%. I'd rather focus on my other (more rewarding) cards and try to raise their credit limits to compensate for the lost credit. My anniversary is in March so I'm willing to wait and see if they do anything then. If they don't, I'll call and cancel and see what they're willing to offer to make me stay. I really don't need their card so if the offer isn't good enough, "bye"!

whit
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Postby whit » Fri Jan 16, 2015 3:16 pm

I think that if, you spend x amount in a calendar year that at the end of that year, the annual fee should be waived.

Let's say that they give you 1% cash back on everything with 5% rotating AND no foreign transaction fee

but if you spend enough to generate enough income for them and than some

The af can be waived

flroots
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Postby flroots » Mon Jan 19, 2015 6:50 am

Have you considered the Sallie Mae MasterCard from Barclay as a replacement? If you pay your balance in full each month then the rewards seem very attractive. They pay 5% cash back on groceries, gas, and books (including Amazon). The biggest limitation is the relatively small caps. For that reason my wife and I both applied so our caps are now double.

RockyIV
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Postby RockyIV » Mon Jan 19, 2015 2:21 pm

flroots wrote:Have you considered the Sallie Mae MasterCard from Barclay as a replacement? If you pay your balance in full each month then the rewards seem very attractive. They pay 5% cash back on groceries, gas, and books (including Amazon). The biggest limitation is the relatively small caps. For that reason my wife and I both applied so our caps are now double.


That's a great card for sure. I don't need a student loan to apply right? I promised myself to wait until 2016 with any more apps, try to show how responsible I am with the 6 cards I already have, it is tempting though. I haven't really used my Barclay card in the last couple of months (I'm putting a few small charges on it here and there to see if they'll give me a CLI on my one year anniversary in March). One guy said he was denied when applying for a second Barclay card because he had barely used his first card, should I be worried? Another thing, if I just keep the (Rewards) card and not use it, how long will it take before Barclay cancel it? They don't like inactive cards very much.

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Jan 19, 2015 2:32 pm

RockyIV wrote:That's a great card for sure. I don't need a student loan to apply right?


I have one, and my credit history consists only of credit cards. No student loan or any previous relationship with Sallie Mae or Barclaycard is required. That said, the credit standards can be high.

I think it is possible to redeem your cash rewards to pay down a student loan, but you can get a statement credit easily, which is what I do.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

RockyIV
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Postby RockyIV » Mon Jan 19, 2015 11:22 pm

CarefulBuilder14 wrote:I have one, and my credit history consists only of credit cards. No student loan or any previous relationship with Sallie Mae or Barclaycard is required. That said, the credit standards can be high.

I think it is possible to redeem your cash rewards to pay down a student loan, but you can get a statement credit easily, which is what I do.


Excellent, they really like advertising how their card is good for people with student loans on their (and Barclay's) website, that's why I asked. My credit scores are in the low 700s, not "excellent" just quite yet, maybe it's worth a shot.



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