What to do with my Barclay CashForward WMC...

Physh1 · ‎12-11-2016

Ok, so I've done my reading and I know how Barclays tends to be however I'm not sure if I should hang on to this card hoping it grows or close it.

I opened his card on 6/16 and my 6th statement is about to cut in 2 weeks. It started at $500, recon got me to $1000, have had %35-%50 use with %10 or less reporting. I'm hoping to see an auto cli after the 6th statement closes HOWEVER...

This is by far my lowest limit. Some examples...

Cap1 QS is $4,000

Amazon Card is $10,000

Lowes Card is $25,000

Amex EDP is $24,000

Amex BCP is $5,000

Amex SPG is $5,000

DSW VS is $7,000

Citi AA is $9,500

Alaska VS is $17,000

I've diversified and just crept over 800 on my Fico8's....I want to keep my Barclays card to stay well diversified and I keep my monthly bills (phone, insurance, ettc) on that card but with ~100k in available credit is it worth in the hopes it'll grow?

I think Barclays is just going to tell me I have too much credit available to warrant a cli.

Honest thoughts?

pizza1 · ‎12-11-2016

give it 7 statements to see an auto CLI. Some people get it 6-7 statement cuts.

Keep it for a year at least, and see if you can't get a better CLI after a year as well., then evaluate if its worth keeping.

kdm31091 · ‎12-12-2016

It has no fee. There's no point in rushing to close it. I'm all for closing unused cards but you may as well wait until you are sure it won't be useful. I'd give it 6 or more statements before deciding.

Discover2016 · ‎12-12-2016

@kdm31091 wrote:
It has no fee. There's no point in rushing to close it. I'm all for closing unused cards but you may as well wait until you are sure it won't be useful. I'd give it 6 or more statements before deciding.

This 100%

Gardening until September 2025
Next app: Mortgage in September 2025

Anonymous · ‎12-12-2016

@pizza1 wrote:
give it 7 statements to see an auto CLI. Some people get it 6-7 statement cuts.

Keep it for a year at least, and see if you can't get a better CLI after a year as well., then evaluate if its worth keeping.

This.

redpat · ‎12-12-2016

IMO, dump it.

Why stress about a card or it's limit when you have better of the same reward program w/ QS.

Diversification is really overrated when speaking of credit cards, IMO. By the looks of it you are pretty well diversified already w/ amex, co, boa and citi.

Barclay's isn't giving you something the others aren't. It's always better to do more with less.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR

wasCB14 · ‎12-12-2016

@redpat wrote:
IMO, dump it.

Why stress about a card or it's limit when you have better of the same reward program w/ QS.

Diversification is really overrated when speaking of credit cards, IMO. By the looks of it you are pretty well diversified already w/ amex, co, boa and citi.

Barclay's isn't giving you something the others aren't. It's always better to do more with less.

I wouldn't be too attached to it. Then again, I prioritize rewards and perks over big CLs and excess diversity (and think the whole diversity concept is really overdone).

If you'll be flying AA in early 2017, or at least going through an airport, maybe app for Aviator when it opens to new apps. You'd get some bonus, might get a good SL, but could consolidate your CF CL into Aviator and PC your Citi AA card to something else so you aren't paying two AFs for the same AA perks. You would have to switch over the billing information for the charges you currently place of CF.

I'm not sure whether you should expect an auto CLI soon. I didn't get one until the 20th statement, but I also didn't get a toy SL.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select

SunriseEarth · ‎12-12-2016

IMHO, I think your existing QS is better than the CashForward...same rewards with no redemption threshold, no FTF, and better CL. Perhaps you can see if the APR method would work after your 6th statement with CashForward, but I personally wouldn't put too much effort into this card when there's a lot of other cards out there that would equal or surpass what it can do. It's always good to have some accounts at zero balance, and this could be the card for just that.

kdm31091 · ‎12-12-2016

@SunriseEarth wrote:
IMHO, I think your existing QS is better than the CashForward...same rewards with no redemption threshold, no FTF, and better CL. Perhaps you can see if the APR method would work after your 6th statement with CashForward, but I personally wouldn't put too much effort into this card when there's a lot of other cards out there that would equal or surpass what it can do. It's always good to have some accounts at zero balance, and this could be the card for just that.

This makes sense. While I support not rushing to close it, the fact is the Cashforward isn't a unique card by any stretch and can easily be matched/beaten (the $50 threshold in particular is pretty ridiculous).

I also agree with the upthread comments that as a whole the diversification thing can tend to be overstated with credit cards. It isn't necessary to have 20 different banks in your pocket just for the sake of diversification.

Physh1 · ‎12-12-2016

Thanks everyone...

I think I'll hang on another few months...at least so I can hit my next reward threshold and if I haven't seen a cli around then I'll seriously consider closing it.