topic Re: Redeemed Barclay's- Closing it! Anyone else closing them?? in Credit Cards

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

grillandwinemaster — Sat, 21 Jan 2017 01:32:12 GMT

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!

Re: Redeemed Barclay's- Closing it soon!

DeeBee78 — Thu, 19 Jan 2017 18:27:47 GMT

@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!

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.

Re: Redeemed Barclay's- Closing it soon!

Anonymous — Thu, 19 Jan 2017 19:19:14 GMT

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

Re: Redeemed Barclay's- Closing it soon!

grillandwinemaster — Thu, 19 Jan 2017 19:39:53 GMT

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

Who else is canceling Barclays??

Re: Redeemed Barclay's- Closing it soon!

AverageJoesCredit — Thu, 19 Jan 2017 20:38:25 GMT

Me.....

AND i dont even have one lol

Re: Redeemed Barclay's- Closing it soon!

wasCB14 — Thu, 19 Jan 2017 21:01:56 GMT

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).

Re: Redeemed Barclay's- Closing it soon!

Anonymous — Thu, 19 Jan 2017 21:06:52 GMT

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)

Re: Redeemed Barclay's- Closing it soon!

DeeBee78 — Thu, 19 Jan 2017 21:21:02 GMT

@Anonymous 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)

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.

Re: Redeemed Barclay's- Closing it soon!

grillandwinemaster — Thu, 19 Jan 2017 22:01:39 GMT

@Anonymous 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)

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.

Re: Redeemed Barclay's- Closing it soon!

Anonymous — Thu, 19 Jan 2017 22:05:47 GMT

@grillandwinemaster wrote:
@Anonymous 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)
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.

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

Re: Redeemed Barclay's- Closing it soon!

Anonymous — Fri, 20 Jan 2017 13:56:38 GMT

I did that with my Barclays as well after they AA on me after I raised my FICO 150 points from when they approved me because I opened 3 cards in 6 months and I had too much credit I wasn't using. **bleep**? They want me to be maxed out?

Anyway... it feels great! I don't think it will matter to them but it's the principle and as I said it feels great!

Re: Redeemed Barclay's- Closing it soon!

Anonymous — Fri, 20 Jan 2017 18:26:54 GMT

@grillandwinemaster wrote:
"If he gets up, we'll all get up, it'll be anarchy!!"

Who else is canceling Barclays??

Well i have 2 cards with Barclays (A+ and HA) with 10K each and i want to combine CL and close my A+, the think is i have over $500 in rewards sitting there, i heard the redeem for travel is the best redemption option but no travel in line yet, anyways when i figure out how to redeem my points i will definitely close it, i will keep my HA because i opened it recently and still working on the bonus (50K ) that i going to use it in a trip to Hawaii with the family.

Anyways, if someone knows how to redeem my points getting the most of it will be great so i can definitely get rip of the card, I never have a problem with them but who knows what can happen

Re: Redeemed Barclay's- Closing it soon!

grillandwinemaster — Sat, 21 Jan 2017 01:35:11 GMT

@Anonymous wrote:
I did that with my Barclays as well after they AA on me after I raised my FICO 150 points from when they approved me because I opened 3 cards in 6 months and I had too much credit I wasn't using. **bleep**? They want me to be maxed out?

Anyway... it feels great! I don't think it will matter to them but it's the principle and as I said it feels great!

Good move DJ...

Your scores are looking good, especially your Transunion, which is What they tend to look at. No need for them to behave like a jealous lover! Fatal Attraction anyone... Lol

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

Anonymous — Sat, 21 Jan 2017 12:29:21 GMT

Time to boil a bunny

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

gdale6 — Sat, 21 Jan 2017 22:41:00 GMT

Will be canceling my platinum Sallie Mae on 2/28/17 will let the world transfer to the new account setup its real cheap on interest.

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

gdale6 — Sat, 21 Jan 2017 22:41:03 GMT

Will be canceling my platinum Sallie Mae on 2/28/17 will let the world transfer to the new account setup its real cheap on interest.

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

Themanwhocan — Sat, 21 Jan 2017 22:48:29 GMT

@gdale6 wrote:
Will be canceling my platinum Sallie Mae on 2/28/17 will let the world transfer to the new account setup its real cheap on interest.

How cheap?

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

gdale6 — Sat, 21 Jan 2017 22:50:24 GMT

@Themanwhocan wrote:
@gdale6 wrote:
Will be canceling my platinum Sallie Mae on 2/28/17 will let the world transfer to the new account setup its real cheap on interest.
How cheap?

10.24% purchase rate my 2nd best card.

Re: Redeemed Barclay's- Closing it soon!

Anonymous — Sat, 21 Jan 2017 23:06:28 GMT

Nope. And if Barclays ever does AA on me, I will be very sad. A few reasons. 1) I fly JetBlue frequently. 2) I have a young credit history and they are by far my largest limit card. Just recently went from $6k to $8.5k and also got a 4 point APR decrease. 3) I love that they have chip + PIN since I'm in Europe several times a year.

So I'm only hoping to grow with Barclays. By the way, it does seem like the OP alluded to closing Barclays due to AA fear in their initial post. Wrong wording I guess.

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

Themanwhocan — Sat, 21 Jan 2017 23:15:15 GMT

@gdale6 wrote:
@Themanwhocan wrote:
@gdale6 wrote:
Will be canceling my platinum Sallie Mae on 2/28/17 will let the world transfer to the new account setup its real cheap on interest.
How cheap?
10.24% purchase rate my 2nd best card.

Ah yes, its my 2nd best apr as well. Though recently increased to 10.49%