Close Barclays Rewards MasterCard?

[IFtkkdx428]

Hello myFICO members,

I’m in the process of re-evaluating the current trade lines I have. There are a few reasons, being re-bucketing, better rewards and becoming more streamlined or re-organized in terms of the credit card aspect.

I currently have the Barclays Barclaycard Rewards MasterCard which is the first card I’ve contemplated closing. However, once upon a time it was a SallieMae MasterCard powered by barclaycard. I acquired the SallieMae MasterCard in July of 2014. I believe sometime in late 2016/early 2017, it was converted into the Commence MasterCard by Sallie Mae. Then up until Spring of 2018, it converted into what I have now which is the Barclaycard Rewards MasterCard.

Obviously the rewards for the Rewards MasterCard are obsolete. It earns 2 points per dollar on gas, groceries and utilities. The Citi Double Cash MasterCard I have covers these categories and more.

The only reason why I have not ended the relationship with Barclays is because I have been patient, hoping for a Product Change to the Barclays Uber Visa would be allowed. Since I have the Sapphire Reserve Visa now, I have no use for the Uber Visa now.

I called recently and the Rewards MasterCard is still not eligible for a product change. I have used the Rewards MasterCars less than 10 times since it was covered from a SallieMae MasterCard. I have also held onto it because of their regular Balance Transfer offers. Which I used once in the past, in late 2016.

The Rewards MasterCard has a $7,100 Credit Limit. Which is decent. I was looking at other products with Barclays, where I could apply for another product and move the $7,100 to the new product.

The Barclaycard Ring MasterCard with 13.74% APR is great, but I have a PenFed Promise Visa which is at 15.74%. I don’t believe the 2% APR difference is worth acquiring the Ring MasterCard.

The Barclays Choice Privileges Visa actually has a higher return on rewards booked with Choice Hotels than the Sapphire Reserve. Though that difference is small, if I calculated it correctly. I certainly wouldn’t mind making an effort to stay Choice hotels. Their brands are nothing fancy, but could be beneficial possibly.

The Barclays JetBlue Card MasterCard, Carnival World MasterCard, Diamond Resorts International MasterCard, Holland America Line Rewards Visa, Princess Cruises Rewards Visa and RCI Elite Rewards MasterCard are all companies that I have never traveled with and don’t foresee traveling with.

The Barclays Wyndham Rewards Visa earns less points on their own hotels with the Wyndham Rewards Visa than the Sapphire Reserve. So the Wyndham Rewards Visa wouldn’t be beneficial.

The Barclays Priceline Rewards Visa earns 0.50% more over the Sapphire Reserve for travel booked through Chase. Though this is a small amount. Doesn’t seem worth applying for.

I never purchase any NFL related items, including tickets. So the NFL Extra Points Visa wouldn’t be beneficial either.

I’d apply for the barclaycard Apple Rewards Visa, as I purchase Apple products. Though the Special Financing appears to be only available during the first 30 days of account opening. This card would be more beneficial if it always offered Special Financing depending on the purchase.

Then of course, I can’t remember the last time I purchased something at a Barnes & Noble. Therefore, the Barclays Barnes & Noble MasterCard would be useless.

Then of course, I left out all of the products that have annual fees. Unless I’m missing something here, I really don’t see any valuable products here.

Questions:

1.) Does Citi provide Balance Transfer options like Barclay does via mail? I’ve read they do, but want to confirm. This is the only thing positive with Barclays.

2.) Does it seem beneficial to close the Rewards MasterCard or apply for another product like the Choice Privileges Visa or Ring MasterCard then move the Credit Limit?

3.) Seeing that the Rewards MasterCard application is not available on Barclays, can we assume that maybe Barclays will come out with a different product in the near future? I can wait another 6 months, but don’t want to wait forever.

Thoughts?

Thank you,

Also, the below information is not up to date. Except for inquiries. Citi Double Cash with $9,200 Credit Limit and Chase Sapphire Reserve with $29,900 Credit Limit not reporting.

Age: 26
Annual Household Income: $100,000
Monthly Rent/Mortgage Payment: $0
TU FAKO (Provided by Credit Karma on (9/23/18): 798
TU FAKO (Provided by Capital One on 9/25/18): 798
TU FAKO (Provided by Chase on 9/25/2018): 798
EQ FAKO (Provided by Credit Karma on 9/23/18): 798
TU FICO (Provided by Barclay on 8/12/18): 769
TU FICO Score 8 (Provided by Discover on 9/4/18): 769
EQ FICO Bankcard Score 02 (Provided by Huntington on 9/11/18): 776
EX FICO Score 8 (Provided by AMEX on 9/12/18): 776
EQ FICO Score NG 2 (Provided by PenFed): 789

Credit Card Utilization Rate: 2%
Percent of On Time Payments: 100%
On Time Payments: 333
Total Payments: 333
AAoA: 3 YR 10 MOS
Oldest Open Trade Line: 5 YRS 7 MOS
Newest Open Trade Line: 2 YRS 4 MOS
Total Accounts: 8
Total Credit Limit: $79,550
TU Inquiries: 1
Chase - 9/22/2018
EQ Inquiries: 1
PenFed - 3/12/2017
EX Inquiries: 2
Chase - 9/24/2018
Citibank - 9/11/2015
Derogatory Marks: 0
 
Current Credit Cards

Capital One Quicksilver Mastercard
APR: 26.65%
Credit Limit: $6,250
Card issued: Jan/2013
Credit Card Utilization Rate: 16%
 
Chase Freedom Visa
APR: 20.74%
Credit Limit: $4,500
Card Issued: Jan/2014
Credit Card Utilization Rate: 0%
 
Barclaycard Rewards Mastercard
APR: 22.74%
Credit Limit: $7,100
Card Issued: July/2014
Credit Card Utilization Rate: 0%
 
American Express Blue Cash Everyday
APR: 17.74%
Credit Limit: $22,200
Card Issued: Nov/2014
Credit Card Utilization Rate: 0%
 
Huntington Voice World Mastercard
APR: 19.49%
Credit Limit: $3,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 3%
 
Discover It
APR: 16.74%
Credit Limit: $28,500
Card Issued: May/2015
Credit Card Utilization Rate: 0%
 
PenFed Promise Visa
APR: 15.74%
Credit Limit: $7,500
Card Issued: June/2015
Credit Card Utilization Rate: 1%

Honda Financial
Lease
Opened: 4/30/2016
Term: 36 Months

[FinStar]

You pretty much covered all the bases for the majority of all Barclays CC products. Except you didn't list the Luxury Card as another contender 😄😁

Based on the type of rewards you're looking for, if none of the choices are of appeal then evaluate whether closing it makes sense rather than trying to convince yourself in getting another Barclays product for the sake of combining CLs and eventually whether said new product won't meet the expectations long term.

1) Yes, Citi provides similar BT promotions like Barclays, even DD. Keep in mind, only if the account is eligible for BT promotions as they become available.
2) Only you can determine what is beneficial long term.
3) No method to determine whether Barclays has anything on the horizon as far as new products, shedding more weight or purchasing another lender's portfolio. If a PC hasn't occurred with your current account, it's likely it may not for who knows how long. Waiting is really up to you.

[sjt]

If you have no use for the card then close it. Nothing wrong with pruning, especially since you have alot of good cards and good FICO score.

[marty56]

I wouldn't close card a card that has no AF since it is helping your FICO score as it ages as well as your % util.  No FICO benefit in doing it.

[sjt]

A closed account is not going to hurt/decrease the FICO score unless the elimination of the credit line will increase the utilization.

[IFtkkdx428]

Well folks, I did it. I closed a tradeline for the first time. Barlclays made it easy by allowing the 'robo lady' to close it instead of a human being. The 'robo lady' asked, "Which of the following options best describes the reason you are closing the account?" I said, "Something else." Though there wasn't an option to be more detailed besides that. I suppose it's Barclays way of not caring about the "something else." 

 wrote:
You pretty much covered all the bases for the majority of all Barclays CC products. Except you didn't list the Luxury Card as another contender 😄😁

Based on the type of rewards you're looking for, if none of the choices are of appeal then evaluate whether closing it makes sense rather than trying to convince yourself in getting another Barclays product for the sake of combining CLs and eventually whether said new product won't meet the expectations long term.

1) Yes, Citi provides similar BT promotions like Barclays, even DD. Keep in mind, only if the account is eligible for BT promotions as they become available.
2) Only you can determine what is beneficial long term.
3) No method to determine whether Barclays has anything on the horizon as far as new products, shedding more weight or purchasing another lender's portfolio. If a PC hasn't occurred with your current account, it's likely it may not for who knows how long. Waiting is really up to you.

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Great, I have a couple other lenders who send Balance Transfer checks via mail. Not a good enough reason to have continued with Barclay, however Barclay had that going for them. I think I received these checks on an almost weekly basis. 

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@sjt wrote:

If you have no use for the card then close it. Nothing wrong with pruning, especially since you have alot of good cards and good FICO score.

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I appriciate the compliments. I agree, it was time to move on. 

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@marty56 wrote:

I wouldn't close card a card that has no AF since it is helping your FICO score as it ages as well as your % util.  No FICO benefit in doing it.

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With $122,650 in Current Total Combined Credit Limits (including Barclays). Barclays $7,100 Credit Limit only accounted for less than 6% of it. Current Total Combined Utilization before closing Barclays is less than one percent. Closing the Barclays put Overall Combined Utilization at 1%. So I don't think utilization is an issue here.

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@sjt wrote:

A closed account is not going to hurt/decrease the FICO score unless the elimination of the credit line will increase the utilization.

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Very true. In this case, thankfully it will not.