topic Re: Advice on Barclay's Rewards MasterCard, stay or go? in Credit Cards

Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 19:59:20 GMT

I've had a Barclay's MC Rewards for just under a year, and it was a needed boost to my rebuilding journey. However, I feel like I'm coming to a crossroads here. I was digging the kick on using it for utilities, but now I have other cards with better return for gas and groceries. It's never seen an auto CLI, I had to call for an interest rate reduction to get 200 bucks more to my limit.

I get that I'm still an "unknown" for Barclay in terms of responsible credit. I've added accounts in the last year, and I know that spooks them, too. But I've paid consistently, early, and numerous times. I rarely carry a balance, and yet nothing changes. Nada. I keep hitting the limit with gas, groceries, and utilities and it's frustrating. I've got cards with fairly high limits and from what I read, I wonder if I'm ever going to see that kind of limit with Barclay.

Have I outgrown this card? Is it time to send it to the sock drawerr? Or do I cancel completely and reapply later and see if they are more willing to give me a higher SL?

Re: Advice on Barclay's Rewards MasterCard, stay or go?

mitchblue — Mon, 05 Oct 2015 20:06:35 GMT

@Anonymous wrote:
I've had a Barclay's MC Rewards for just under a year, and it was a needed boost to my rebuilding journey. However, I feel like I'm coming to a crossroads here. I was digging the kick on using it for utilities, but now I have other cards with better return for gas and groceries. It's never seen an auto CLI, I had to call for an interest rate reduction to get 200 bucks more to my limit.

I get that I'm still an "unknown" for Barclay in terms of responsible credit. I've added accounts in the last year, and I know that spooks them, too. But I've paid consistently, early, and numerous times. I rarely carry a balance, and yet nothing changes. Nada. I keep hitting the limit with gas, groceries, and utilities and it's frustrating. I've got cards with fairly high limits and from what I read, I wonder if I'm ever going to see that kind of limit with Barclay.

Have I outgrown this card? Is it time to send it to the sock drawerr? Or do I cancel completely and reapply later and see if they are more willing to give me a higher SL?

You can still use it for utility bills, cell phone bill, cable bill. Do you have another card that gets 2% on those items?

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:12:04 GMT

@Anonymous wrote:

I get that I'm still an "unknown" for Barclay in terms of responsible credit. I've added accounts in the last year, and I know that spooks them, too...I had to call for an interest rate reduction to get 200 bucks more to my limit.

This doesn't sound very fun for you. I just PC my Apple Rewards to Rewards (I think it's a VISA now, not MC). What do you mean by that you spooked them by adding accounts? That you've been approved of many other credit cards lately?

Also, what does, "I had to call for an interest rate reduction to get 200 bucks more to my limit" mean?

Re: Advice on Barclay's Rewards MasterCard, stay or go?

mitchblue — Mon, 05 Oct 2015 20:09:02 GMT

As a sidenote.. If utilization is a problem, use the card and pay it off right away before it reports.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

kdm31091 — Mon, 05 Oct 2015 20:10:22 GMT

@Anonymous wrote:
I've had a Barclay's MC Rewards for just under a year, and it was a needed boost to my rebuilding journey. However, I feel like I'm coming to a crossroads here. I was digging the kick on using it for utilities, but now I have other cards with better return for gas and groceries. It's never seen an auto CLI, I had to call for an interest rate reduction to get 200 bucks more to my limit.

I get that I'm still an "unknown" for Barclay in terms of responsible credit. I've added accounts in the last year, and I know that spooks them, too. But I've paid consistently, early, and numerous times. I rarely carry a balance, and yet nothing changes. Nada. I keep hitting the limit with gas, groceries, and utilities and it's frustrating. I've got cards with fairly high limits and from what I read, I wonder if I'm ever going to see that kind of limit with Barclay.

Have I outgrown this card? Is it time to send it to the sock drawerr? Or do I cancel completely and reapply later and see if they are more willing to give me a higher SL?

Why reapply later if the rewards aren't suiting you anymore?

Barclay's is generally across the board pretty conservative with limits, and even when increases are given, they're modest. So not sure what you are expecting but huge leaps are not common.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:13:07 GMT

1.8 is the closest, I think. But even with just utilities on there, it's still hitting the limit fairly regularly. If I'm not on top of it and get busy with work, then the balance reports and absolutely kills my score.

Overall, that card has earned some of the least rewards, despite it sitting all year to accumulate. They hold payments for three to five days, too. So it's not as simple as whipping off an electronic payment and then back to the full limit.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:15:08 GMT

@Anonymous wrote:
@Anonymous wrote:

I get that I'm still an "unknown" for Barclay in terms of responsible credit. I've added accounts in the last year, and I know that spooks them, too...I had to call for an interest rate reduction to get 200 bucks more to my limit.
This doesn't sound very fun for you. I just PC my Apple Rewards to Rewards (I think it's a VISA now, not MC). What do you mean by that you spooked them by adding accounts? That you've been approved of many other credit cards lately?

Also, what does, "I had to call for an interest rate reduction to get 200 bucks more to my limit" mean?

It was one of the tricks written about to gets a soft CLI for Barclay cards. I'd called because my interest rate was bananas high (even though I don't carry a balance), and asked at the same time if there were any soft pull CLIs available. It netted me 200 bucks for an increase to 1.2K. And there it has remained.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

mitchblue — Mon, 05 Oct 2015 20:16:04 GMT

@Anonymous wrote:
1.8 is the closest, I think. But even with just utilities on there, it's still hitting the limit fairly regularly. If I'm not on top of it and get busy with work, then the balance reports and absolutely kills my score.

Overall, that card has earned some of the least rewards, despite it sitting all year to accumulate. They hold payments for three to five days, too. So it's not as simple as whipping off an electronic payment and then back to the full limit.

I guess only you can determine what the right thing to do is..

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:16:10 GMT

Mitchblue, I do pay it off as soon as possible. But they hold payments for 5 days before it's applied. It's not as simple as pay multiple times. They've also locked me out after paying twice in one month.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:19:25 GMT

@kdm31091 wrote:

Why reapply later if the rewards aren't suiting you anymore?
Barclay's is generally across the board pretty conservative with limits, and even when increases are given, they're modest. So not sure what you are expecting but huge leaps are not common.

True, this Barclay's card isn't fitting the need. They do have others I'd like to be considered for one day.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

mitchblue — Mon, 05 Oct 2015 20:20:53 GMT

@Anonymous wrote:
Mitchblue, I do pay it off as soon as possible. But they hold payments for 5 days before it's applied. It's not as simple as pay multiple times. They've also locked me out after paying twice in one month.

When you say when it reports your score goes down how many points we talking about? I guess unless you need optimal scores for an upcoming loan or mortgage maybe not as bad as it seems.. Assuming 5-10 points, knowing once its paid it goes back up. Is it more than 5-10 points?

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:24:19 GMT

It's about 5 to 10, but it never seems to recover once it's been paid off and reported as such. I'm right on the cusp of decent scoring because there's a paid tax lien and a paid collections reporting. Once those fall off, there will be less impact.

I'm not planning a loan or mortgage. The state I live in is allowed to adjust insurance rates (car and home) based on credit score. 10 points is the difference between paying crazy amounts on insurance/home insurance and well, not.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:26:26 GMT

I agree with KDM that closing to reapply doesn't make much sense here; if anything it'll look strange to Barclay that you wanted to close their card before only to reapply for it later. No need to sock drawer just yet if you can take advantage of the utilities bonus % cashback, but it just means you don't need to put any additional spend on the card. Besides, that will help keep your utilization low on the card, which also helps your FICO score.

A possible good reason for closing the card would be you think you have too many accounts and don't want to deal with all of them. Otherwise if it's one of your older cards it will help your AAOA to keep it open and use it sparingly. As for your limits...you have some decently high CL's but nothing extremely noteworthy (neither do I, just stating that there are many others with much higher), especially since a lot of the higher limits are on store/co-branded cards.

EDIT: if Barclay does have other cards you like you can always ask to PC to that card also.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

mitchblue — Mon, 05 Oct 2015 20:28:25 GMT

@Anonymous wrote:
It's about 5 to 10, but it never seems to recover once it's been paid off and reported as such. I'm right on the cusp of decent scoring because there's a paid tax lien and a paid collections reporting. Once those fall off, there will be less impact.

I'm not planning a loan or mortgage. The state I live in is allowed to adjust insurance rates (car and home) based on credit score. 10 points is the difference between paying crazy amounts on insurance/home insurance and well, not.

Okay thanks. Now for comparison sake I put about 800 spend a month on my rewards with a $2130 limit. So 35-40%, doesn't effect me much. Maybe 3-5 points that return to me when paid off. Ironically my Sallie Mae, $2500, only cards under 5k. I love Barclays but give me some money ;-)

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:30:36 GMT

@Anonymous wrote:
I agree with KDM that closing to reapply doesn't make much sense here; if anything it'll look strange to Barclay that you wanted to close their card before only to reapply for it later. No need to sock drawer just yet if you can take advantage of the utilities bonus % cashback, but it just means you don't need to put any additional spend on the card. Besides, that will help keep your utilization low on the card, which also helps your FICO score.

A possible good reason for closing the card would be you think you have too many accounts and don't want to deal with all of them. Otherwise if it's one of your older cards it will help your AAOA to keep it open and use it sparingly. As for your limits...you have some decently high CL's but nothing extremely noteworthy (neither do I, just stating that there are many others with much higher), especially since a lot of the higher limits are on store/co-branded cards.

I should have been clearer in my intention to close and reapply later. Not for the same card, and not in quick succession. I was thinking at least a year down the line when inquiries fall off and accounts see more age. I wouldn't apply for the Rewards again. There are other cards I would like to have in the future, but they are upper tier cards, I won't be eligible for them in a while.

And yes, even with only utilities going on the card, it still hits the limit within the billing period.

I'm just not finding it very useful. I'm not sure that's enough of a reason to cancel it, being newer to the strategy part of credit has me a little lost on that part.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:36:03 GMT

I think it wouldn't hurt to keep it open until those baddies drop off then. You can minimize use and keep up your AAOA, then PC to a card you actually like when your scores are better. Again, it depends mainly on whether or not you think it's worth the effort to keep the card open, but that's your decision to make

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:36:30 GMT

From all your responses and the posts here I would agree to leave it open, put min spend on it and PIF. Right now as long as no AF and avoiding interest it's only helping you to build up a better portfolio and you can PC it later when you're ready for upper tier cards.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 20:38:54 GMT

That makes sense, it can't hurt to hold onto it for now.

Now I have to apply the same logic to the stubborn Chase Freedom and Amex Delta cards.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

Anonymous — Mon, 05 Oct 2015 23:53:11 GMT

I have the rewards MC also from Barclays and I started off 10 months ago with a 1k limit. They were my scond card, only other card before this was Cap1 Plat PCed to QS1. I waited 7 months and got no love so I called and did the SP thing with the retention department. That gained me $500. Big whoop.

Later the next day I applied for a Wyndham Rewards card which is a Barclays card and was approved for a 5k Visa signature card. Also did a Chase IHG card the same day and got 3k on it too. So Barclays would only up my exiting card $500 but would give me new credit of 5k?! Whatever, I took it and ran.

At this time my rewards card is in the sock drawer, I have hulu and netflix auto billing to it so I keep it active and I'll run some more spend through it in December before the year anniversary and see what happens then. Otherwise it can just hang out in the SD for now, no need to cancel and no real need for me to use it either. My scores are 700 or so averaged out. I planned on getting a sally mae card in Janurary after my six months were up from the last Barclays card but that is getting nerfed so now I don't know what to do.

Re: Advice on Barclay's Rewards MasterCard, stay or go?

FocusedAndDetermined — Tue, 06 Oct 2015 00:23:30 GMT

@Anonymous wrote:
Mitchblue, I do pay it off as soon as possible. But they hold payments for 5 days before it's applied. It's not as simple as pay multiple times. They've also locked me out after paying twice in one month.

I think the longest lag time I've seen with my payments is 3 days if a holiday is involved, but they almost always appear within two days.