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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Should I just cancel my Barclay's card?

[ Edited ]

Ok here's the backstory. After finding out that my Barclay's arrival World MC just a 1% cashback card (2% if I use it for statement credits towards travel and 2.2% if booked through barclays) and how partial redemption can't be topped up with payment......I realized that this card is very different from what I was originally expecting.

 

So, if I am to cancel this card right after I collect my sign up bonus (1k spend for 40k miles), will there be any issues? Is there like a minimum period of time I'm supposed to keep this account? Will I be blacklisted of some sort?

I already have the CSP, so I will be using that card mostly for my travel expenses since the Barclay's isn't as good as I expected.


I understand that I already took the inquiry hit, but it's an inquiry on my TU so I don't really care about that tbh. The only negative effect is therefore my AAoA will be dragged down right?

 

How often does Barclay start reviewing accounts after it's opened? 1, 3, or 6 months? I went on a spree and there's a chance they might AA me anyways, so I figured I might as well collect the miles, redeem it, and close the account before they close it for me. How long is the "risky" time period for AA/FR after an account is opened with them?

 

How strict is Barclays with leaving balances? I rarely leave any but I just want to find out what their policies are and how strict they are.

Or should I just collect the bonus, leave the account open and throw the card into the drawer?

 

Please tell me your opinions.

 

Thanks!

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
kevinjjc
Posts: 1,352
Registered: ‎01-14-2009
0

Re: Should I just cancel my Barclay's card?

In my opinion, just SD it after you collect the sign up bonus. Or maybe once you start using it, you might actually like it.

Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Should I just cancel my Barclay's card?

what are the risk of me getting AA by barclays? I was thinking that if they are most likely going to close my account because of my app spree, I might as well do it before they get to. That way, it will show as closed by consumer, rather as closed by lender. Does that make any difference?

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Should I just cancel my Barclay's card?

Like Amex FR, I think the frequency of Barclays AA is way overstated here.  It's not in their interest to close accounts for no good reason.

 

It's possible, since they do state it, that they are less tolerant of non-use than some issuers, but having them close it for that reason is fine.  Remember FICO doesn't score closed by customer/closed by issuer any differently, so it's only on manual review, and you would have a chance to explain.

 

Certainly all issuers hate "use for bonus and cancel" and can use that as a reason not to give you another card (Recently I saw either Chase or Citi have language in their T&Cs about this being a reason for denial).  So I would get the bonus, use it to some extent to maximize the bonus if possible (i.e. some $75 travel thing to get the 2.2) and then cancel just before the AF hits.   That's usual behavior ("The card wasn't as useful to me as I thought, so I can't justify the annual fee" rather than" I signed up just for the bonus and I will do the same with another of your cards suckers!")

Member
power1234
Posts: 72
Registered: ‎04-06-2013
0

Re: Should I just cancel my Barclay's card?

[ Edited ]

I hear a lot here on the forum that closed by the lender message is a bad think.In my opinion is not

There is tons of reason why the account was closed by the lender.

 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Should I just cancel my Barclay's card?

Couldn't you contact Barclays to see about a PC to a different card? They have like two dozen cards to choose from. I was just approved for the Barclays Rewards card ($2500 CL). You get 2% cash back for utilities, gas, and groceries! I read on the Barclays website that they do close accounts after they have been inactive for 3 months.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
UFGuy2006
Posts: 743
Registered: ‎08-02-2008
0

Re: Should I just cancel my Barclay's card?


kevinjjc wrote:

In my opinion, just SD it after you collect the sign up bonus. Or maybe once you start using it, you might actually like it.


Agreed... or wait 6 months before closing it. 

FICO: EX: 743 (10/14); TU: 758 (9/14); EQ 721 (9/14)

In My Wallet: Amex X 5 | Barclays X 3 | BOA X 1 | CapOne X 3 | Chase X 3 | Citi X 7 | DCU X 1 | Discover X 1 | Fidelity X 1 | Fifth Third X 1 | Macys X 1 | PenFed X 1 | PSECU X 1 | Sams Club MC X 1 | Target RedCard X 1 | USAA X 2 | US Bank X 1 | Walmart X 1 | Wells Fargo X 1 = 36 Cards

Holding off apps until the end of the year! Wish me luck!
Super Contributor
Ron1
Posts: 5,340
Registered: ‎05-23-2009
0

Re: Should I just cancel my Barclay's card?

You already took HP. I would say keep it to take a chance. Use it the card regularly for everyday thing.  I used my Barclays Rewards MC to pay utilities yesterday. It has been over 6 months. They have not done anything yet. Stop worrying.  You should be fine.

 

 

Ron.

Valued Contributor
mxp114
Posts: 1,376
Registered: ‎09-01-2011
0

Re: Should I just cancel my Barclay's card?

The min redemption is 2500 points, I just checked online so that blog was wrong. Also the 10% bonus is when you redeem your miles for travel, not when you book via Barclaycard. So you could go buy a $400 Delta ticket and book from Delta.com, redeem 40,000 miles for a $400 credit and earn 4,000 miles back. It's a 2.2% card when redeemed for travel or a 1% card for everything else, and since the AF is waived, you have nothing to lose. Maybe try a PC to the cash rewards card as an alternative solution.

Super Contributor
Ron1
Posts: 5,340
Registered: ‎05-23-2009
0

Re: Should I just cancel my Barclay's card?


MovingForward_2012 wrote:
Couldn't you contact Barclays to see about a PC to a different card? They have like two dozen cards to choose from. I was just approved for the Barclays Rewards card ($2500 CL). You get 2% cash back for utilities, gas, and groceries! I read on the Barclays website that they do close accounts after they have been inactive for 3 months.

You cannot change to other cards within 12 months. 

 

 

Ron.


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