Redeemed Barclay's- Closing it! Anyone else closing them??

[grillandwinemaster]

For accountability purposes, I mentioned in an earlier post that I was paying down my Barclay's Rewards MC

and then cancelling the account altogether, in order to perform AA on THEM!!

Well, I'm one step closer.  Last night I paid my Barclay's down to $95.00  Darn!!  So close, yet so far away.

This morning I redeemed my rewards for Lowe's Gift Cards.  Once those arrive, I'm paying the remaining 

$95.00 balance, and closing them down!

Im on a mission to trimming down the herd to 3 or 4 credit cards.  Barclay's was an easy choice!  

[DeeBee78]

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@grillandwinemaster wrote:

For accountability purposes, I mentioned in an earlier post that I was paying down my Barclay's Rewards MC

and then cancelling the account altogether, in order to perform AA on THEM!!

Well, I'm one step closer.  Last night I paid my Barclay's down to $95.00  Darn!!  So close, yet so far away.

This morning I redeemed my rewards for Lowe's Gift Cards.  Once those arrive, I'm paying the remaining 

$95.00 balance, and closing them down!

Im on a mission to trimming down the herd to 3 or 4 credit cards.  Barclay's was an easy choice!  

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I'm doing the same thing to them. My Apple Rewards was cut down to $3,800 last year, while I had a deferred interest promotion going on. 

I paid it off last fall and haven't touched the card since. When they ask me why I'm closing it, I'm simply going to state that I don't trust them as a lender if they don't trust me as a customer. 

[Anonymous]

Congrats! I'll be joining you once I can pull my rewards out of Sallie Mae.

[grillandwinemaster]

"If he gets up, we'll all get up, it'll be anarchy!!"

Who else is canceling Barclays??

[AverageJoesCredit]

Me.....

AND i dont even have one lol

[wasCB14]

I closed Sallie Rewards today. It wasn't out of fear of AA or frustration about CLIs or anything. I just won't have much use for it after the rewards nerf and wanted to see how simplifying my wallet slightly would make me feel. Still have no-AF Arrival (and 11 other cards).

[longtimelurker]

While I sort of get the "Let's close Barclays" idea, I find it hard to understand rationally.    What's the worst that could happen with Barclays.   They could reduce your credit limit (with Barclays) or close some or all of your Barclays accounts.

By closing, you achieve exactly this worst case anyway, so what is the gain.  (OK, timing, but you could reduce the balance to zero and keep it open)

[DeeBee78]

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@longtimelurker wrote:

While I sort of get the "Let's close Barclays" idea, I find it hard to understand rationally.    What's the worst that could happen with Barclays.   They could reduce your credit limit (with Barclays) or close some or all of your Barclays accounts.

By closing, you achieve exactly this worst case anyway, so what is the gain.  (OK, timing, but you could reduce the balance to zero and keep it open)

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Well, in my case, I was a good customer. Always paid on time, no other accounts with heavy utlization, and they still chopped me off. 

I used the deferred interest promotion for Apple products and was making payments on the balance. Without any reason, Barclay's swooped in and cut my limit, making my utilizaiton on that card skyrocket. 

So if they want to do something like that, I don't want to have to worry about it. There are tons of other lenders out there that won't take AA for using the cards as intended. Capital One is always referred to as, "use it, abuse it, don't lose it" because they have very favorable lending practices. They wouldn't bat an eye if I maxed out my Quicksilver. 

[grillandwinemaster]

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@longtimelurker wrote:

While I sort of get the "Let's close Barclays" idea, I find it hard to understand rationally.    What's the worst that could happen with Barclays.   They could reduce your credit limit (with Barclays) or close some or all of your Barclays accounts.

By closing, you achieve exactly this worst case anyway, so what is the gain.  (OK, timing, but you could reduce the balance to zero and keep it open)

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Personally, I'm not closing Barclays because I'm concerned about AA. Even though I may have alluded to that in my original post.  

I just don't see having Barclays as useful anymore. I want my portfolio to continue its evolution to better cards. Barclays won't grow for me, so the time has come. 

As far as keeping open at a zero balance, essentially sock drawering it, that's not my philosophy. I'm in the process of

acquiring/reducing my portfolio to 3-5 good, solid go to cards. Barclays does not fit my criteria. 

[longtimelurker]

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@grillandwinemaster wrote:

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@longtimelurker wrote:

While I sort of get the "Let's close Barclays" idea, I find it hard to understand rationally.    What's the worst that could happen with Barclays.   They could reduce your credit limit (with Barclays) or close some or all of your Barclays accounts.

By closing, you achieve exactly this worst case anyway, so what is the gain.  (OK, timing, but you could reduce the balance to zero and keep it open)

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Personally, I'm not closing Barclays because I'm concerned about AA. Even though I may have alluded to that in my original post.  

I just don't see having Barclays as useful anymore. I want my portfolio to continue its evolution to better cards. Barclays won't grow for me, so the time has come. 

As far as keeping open at a zero balance, essentially sock drawering it, that's not my philosophy. I'm in the process of

acquiring/reducing my portfolio to 3-5 good, solid go to cards. Barclays does not fit my criteria. 

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Oh, I agree and will probably close my SM (try to transfer CL first I guess).  I was "misled" by your AA comment