Barclay's acct - leave it alone or close?

[Anonymous]

I'm seeking advice on how to cope with the Barclay's Arrival card that I currently hold.

It was opened in around December 2014 as an Arrival+ account with a 5k limit and auto CLIs to 7.5k then 17.5k at around 3rd and 7th month mark. I then downgraded it to the regular Arrival in late 2015. After I found out about the underrated BofA Travel Rewards w/ Preferred Rewards I shifted most of my expenses from the Arrival+ to the Travel Rewards. Thus I am planning to close this card. Am I making the worst mistake ever?

This is my only credit card account that is currently open with Barclay's. Our banking relation started in mid 2012 - if I close this account I understand that my utilization will increase but not by that much. But I am assuming that it will be easier to get approved for further credit since I now have less available credit (where some financial institutions are stingy to give out more when so much credit is available); also when I apply in the future specifically w/ Barclay's I would be treated as a new customer (will I?) and thus easier approval (or harder?).

Thanks

[SouthJamaica]

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@Anonymous wrote:

I'm seeking advice on how to cope with the Barclay's Arrival card that I currently hold.

It was opened in around December 2014 as an Arrival+ account with a 5k limit and auto CLIs to 7.5k then 17.5k at around 3rd and 7th month mark. I then downgraded it to the regular Arrival in late 2015. After I found out about the underrated BofA Travel Rewards w/ Preferred Rewards I shifted most of my expenses from the Arrival+ to the Travel Rewards. Thus I am planning to close this card. Am I making the worst mistake ever?

This is my only credit card account that is currently open with Barclay's. Our banking relation started in mid 2012 - if I close this account I understand that my utilization will increase but not by that much. But I am assuming that it will be easier to get approved for further credit since I now have less available credit (where some financial institutions are stingy to give out more when so much credit is available); also when I apply in the future specifically w/ Barclay's I would be treated as a new customer (will I?) and thus easier approval (or harder?).

Thanks

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If I were you I wouldn't cancel it. I don't think cancelling it will help you get approved for anything.

If you open another Barclays card some day, they are easy about transferring credit limit from one card to the other, so you could shift some of the Arrival limit to that card.

[Anonymous]

Have to say I agree with ^^^. You beat me to it.

[Man-Of-Steel]

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@Anonymous wrote:

I'm seeking advice on how to cope with the Barclay's Arrival card that I currently hold.

It was opened in around December 2014 as an Arrival+ account with a 5k limit and auto CLIs to 7.5k then 17.5k at around 3rd and 7th month mark. I then downgraded it to the regular Arrival in late 2015. After I found out about the underrated BofA Travel Rewards w/ Preferred Rewards I shifted most of my expenses from the Arrival+ to the Travel Rewards. Thus I am planning to close this card. Am I making the worst mistake ever?

This is my only credit card account that is currently open with Barclay's. Our banking relation started in mid 2012 - if I close this account I understand that my utilization will increase but not by that much. But I am assuming that it will be easier to get approved for further credit since I now have less available credit (where some financial institutions are stingy to give out more when so much credit is available); also when I apply in the future specifically w/ Barclay's I would be treated as a new customer (will I?) and thus easier approval (or harder?).

Thanks

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Since you don't need the Arrival for a utilization buffer, my recommendation is to close the account.  It will continue to report as a good standing closed tradeline for up to 10 years and you can always open a new account with Barclays in the future if something catches your interest.  It sounds like it would just be a hassle for you to continue to manage the account since you have no use for it any longer.

[Anonymous]

Do you ever use RewardsBoost or the pseudo-PIN functionality?

With the Amex GS Platinum and BofA Travel PH, I'm assuming utilization and CLs aren't a concern...

[Anonymous]

Cards that you dont use for 6 months or more or you feel you dont need should be closed. Thats the best way not to get into un-necessary debt imo. 

[Anonymous]

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@Anonymous wrote:

Do you ever use RewardsBoost or the pseudo-PIN functionality?

With the Amex GS Platinum and BofA Travel PH, I'm assuming utilization and CLs aren't a concern...

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What's the RewardsBoost? 

Also, interestingly the Arrival PIN does not work abroad often .. kind of weird. On top of these the rewards is not as good as, say, AARP in terms of Dining/Travel, or Double Cash/Travel Rewards as for travel/flat rate.

[Anonymous]

AFAIK, Barclay's is one of very few banks that have chip+pin in the US. If you travel abroad, the no FTF and chip+pin combo is a very good thing that I can say with first hand experience. 

My CapOne Venture card that worked all thru my Iceland trip last Dec refused to work at the one gas station when I was in a hurry to get back to the airport.I had to pay 3% FTF on my rewards card, but I was able to get out fast in a pinch and I have to thank Barclay's.

[takeshi74]

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@Anonymous wrote:

Our banking relation started in mid 2012 - if I close this account I understand that my utilization will increase but not by that much. But I am assuming that it will be easier to get approved for further credit since I now have less available credit (where some financial institutions are stingy to give out more when so much credit is available); also when I apply in the future specifically w/ Barclay's I would be treated as a new customer (will I?) and thus easier approval (or harder?).

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Don't rely on the relationship meme.  If your credit profile and income qualify with any creditor you qualify.  If they do not you do not.  Relationship will not overrule those primary factors or make or break an approval on its own.  It can help to some small degree in some cases but it is not the deciding factor that many seem to make it out to be.

Any creditor is going to have a limit on what the creditor will extend to any given credit profile.  We have no idea if you're close to that limit with your profile with your creditors or the ones you intend to apply with.  You won't know either until you run into it as a denial reason.  I don't recommend worrying about it.  You can address it if it happens.

It's up to you to determine whether or not to keep any account open.  There are a lot of subjective matters at play.  The major objective stuff is covered in the Closing Credit Cards thread linked in the Helpful Threads sticky.  Consider that info along with your subjective stuff and calculate the impact to revolving utilization to help you in your decision.

You must actively monitor all open accounts for fraud.  If you can't or won't monitor this account even with no usage then consider closing it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Do you ever use RewardsBoost or the pseudo-PIN functionality?

With the Amex GS Platinum and BofA Travel PH, I'm assuming utilization and CLs aren't a concern...

---

What's the RewardsBoost? 

Also, interestingly the Arrival PIN does not work abroad often .. kind of weird. On top of these the rewards is not as good as, say, AARP in terms of Dining/Travel, or Double Cash/Travel Rewards as for travel/flat rate.

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RewardsBoost is their online shopping portal that I occasionally find useful.