Barclay Rewards good riddance

[jacetx]

I've had this car for over a year now with a 24.99% APR. Since the account was opened I have obtained 2 Amex cards at 15.24% and 17.4%, Venture at 17.9%, RBFCU from 14.7% to 9.7%. I contacted Barclays multiple times regarding an APR reduction, explained that all of my cards except this one are below 20% and that I feel confident that my credit profile supports a lower rate. No luck so I decided to close the account. 

[GoldSorata]

Do what's best for you. Personally, I don't care as much what the APR on rewards cards are because carrying a balance even with a lower interest rate negates the rewards.

[jacetx]

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@GoldSorata wrote:

Do what's best for you. Personally, I don't care as much what the APR on rewards cards are because carrying a balance even with a lower interest rate negates the rewards.

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It was one of my rebuilder cards and I have better reward cards so it was time to part ways. 

[GoldSorata]

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@jace8602 wrote:

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@GoldSorata wrote:

Do what's best for you. Personally, I don't care as much what the APR on rewards cards are because carrying a balance even with a lower interest rate negates the rewards.

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It was one of my rebuilder cards and I have better reward cards so it was time to part ways. 

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I hear ya, my credit profile improved a lot quicker than I had anticipated and I'm coming close to outgrowing my Barclay rewards card as well. They just gave me a nice Sallie Mae though that should come in the mail any day now.

[jacetx]

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@GoldSorata wrote:

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@jace8602 wrote:

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@GoldSorata wrote:

Do what's best for you. Personally, I don't care as much what the APR on rewards cards are because carrying a balance even with a lower interest rate negates the rewards.

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It was one of my rebuilder cards and I have better reward cards so it was time to part ways. 

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I hear ya, my credit profile improved a lot quicker than I had anticipated and I'm coming close to outgrowing my Barclay rewards card as well. They just gave me a nice Sallie Mae though that should come in the mail any day now.

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Congrats on your approval! And yes, mine improved a lot quicker as well.

[Callandra]

If you've outgrown the card, then you've outgrown it! Time to say goodbye 

I closed mine not too long after I got Sallie Mae; I moved the limit over and then closed it. I had Rewards as my starter card for a year and just with one year, I got approved for SM with the lowest interest rate (13.99%). Not that I will carry a balance on it but it was nice to see how I improved credit wise in one year. Rewards was a great builder card. 

[Anonymous]

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@jace8602 wrote:

I've had this car for over a year now with a 24.99% APR. Since the account was opened I have obtained 2 Amex cards at 15.24% and 17.4%, Venture at 17.9%, RBFCU from 14.7% to 9.7%. I contacted Barclays multiple times regarding an APR reduction, explained that all of my cards except this one are below 20% and that I feel confident that my credit profile supports a lower rate. No luck so I decided to close the account. 

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I'm sorry that happened to you Jace. Barclay has reduced my interest rate twice when I asked. Did you speak with an analyst or CS? Did you have a lot of use on the card?

[jacetx]

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@Anonymous wrote:

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@jace8602 wrote:

I've had this car for over a year now with a 24.99% APR. Since the account was opened I have obtained 2 Amex cards at 15.24% and 17.4%, Venture at 17.9%, RBFCU from 14.7% to 9.7%. I contacted Barclays multiple times regarding an APR reduction, explained that all of my cards except this one are below 20% and that I feel confident that my credit profile supports a lower rate. No luck so I decided to close the account. 

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I'm sorry that happened to you Jace. Barclay has reduced my interest rate twice when I asked. Did you speak with an analyst or CS? Did you have a lot of use on the card?

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I spoke with an analyst. At first they told me to show more usage of the card, which I did and then it went to the cold "there is no offer to lower the APR." 

[score_building]

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@jace8602 wrote:

I've had this car for over a year now with a 24.99% APR. Since the account was opened I have obtained 2 Amex cards at 15.24% and 17.4%, Venture at 17.9%, RBFCU from 14.7% to 9.7%. I contacted Barclays multiple times regarding an APR reduction, explained that all of my cards except this one are below 20% and that I feel confident that my credit profile supports a lower rate. No luck so I decided to close the account. 

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That's not how it works, they could care less about other issuers' APR or telephonic cardholder assurances one should be eligible for a lower rate, lol. If it shows eligibility on their end they can reduce it, eventually it generally does, with improving profile. APR on a rewards product is a silly reason to close a card.

[jacetx]

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@score_building wrote:

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@jace8602 wrote:

I've had this car for over a year now with a 24.99% APR. Since the account was opened I have obtained 2 Amex cards at 15.24% and 17.4%, Venture at 17.9%, RBFCU from 14.7% to 9.7%. I contacted Barclays multiple times regarding an APR reduction, explained that all of my cards except this one are below 20% and that I feel confident that my credit profile supports a lower rate. No luck so I decided to close the account. 

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That's not how it works, they could care less about other issuers' APR or telephonic cardholder assurances one should be eligible for a lower rate, lol. If it shows eligibility on their end they can reduce it, eventually it generally does, with improving profile. APR on a rewards product is a silly reason to close a card.

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Hi score, thanks for your input. I never implied that they should care about it. I merely stated that my other cards have a way lower APR meaning that my profile has improved, whether they see it otherwise that's their right but I don't have to agree with them. Also I never said you have to lower my APR. Last, I closed the card because it no longer works for me, I have other rewards card that are way better, and it is not a silly reason, I'm within my right to appraise the value of my cards based on my needs. If I ever wanted to carry a balance (regardless whether is wise or not to carry a balance on a rewards card) I don't want to be stuck with a high APR.