Which - if any - to close?
synth
Posts: 25 Forumite
I currently have four credit cards.
HSBC (Limit £2,800) 11.9% APR. £0 balance.
Barclaycard Duo Cashback. (Limit £5,000) Can't remember what the APR is however, it's irrelevant as I always clear the monthly balance in full. £0 balance.
Barclaycard Platinum (Limit £3,800) 0% BT for 37 months. New card. £3,077.49 balance.
Halifax Clarity. (Limit £1,500) Can't remember the APR but again, irrelevant as I pay in full. This was a lifesaver during my recent holiday. £0 balance
My oldest running cards are the Barclaycard Duo and HSBC ones. There is nothing special about the HSBC one. I will be closing the Barclaycard Platinum once that balance had been paid off. I need to mention, I am not a big spender so the Barclaycard Cashback doesn't really get me a significant amount of cashback.
I know I definitely don't want to close the Clarity.
I would like to limit the number of cards I have because I do prefer a simplified approach when it comes to my finances.
Would anyone close the Barclaycard cashback Duo even though it's only earning me a couple of pounds in cashback each month?
Any thoughts?
HSBC (Limit £2,800) 11.9% APR. £0 balance.
Barclaycard Duo Cashback. (Limit £5,000) Can't remember what the APR is however, it's irrelevant as I always clear the monthly balance in full. £0 balance.
Barclaycard Platinum (Limit £3,800) 0% BT for 37 months. New card. £3,077.49 balance.
Halifax Clarity. (Limit £1,500) Can't remember the APR but again, irrelevant as I pay in full. This was a lifesaver during my recent holiday. £0 balance
My oldest running cards are the Barclaycard Duo and HSBC ones. There is nothing special about the HSBC one. I will be closing the Barclaycard Platinum once that balance had been paid off. I need to mention, I am not a big spender so the Barclaycard Cashback doesn't really get me a significant amount of cashback.
I know I definitely don't want to close the Clarity.
I would like to limit the number of cards I have because I do prefer a simplified approach when it comes to my finances.
Would anyone close the Barclaycard cashback Duo even though it's only earning me a couple of pounds in cashback each month?
Any thoughts?
0
Comments
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Id close the HSBC and the Barclaycard as you say, the HSBC for the high apr.0
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Before you close any consider if the BC BT will be paid off within the 37 months - if not I would hang on to one of the others if they offer BT deals to you quite frequently. (I'm not sure if BC allow BTs between their own products - worth checking).
The Clarity is definitely worth hanging onto, as you say, perfect for holidays.
I'm not saying not to close some, just approach with caution that you don't cut off your nose and all that.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Before you close any consider if the BC BT will be paid off within the 37 months - if not I would hang on to one of the others if they offer BT deals to you quite frequently. (I'm not sure if BC allow BTs between their own products - worth checking).
The Clarity is definitely worth hanging onto, as you say, perfect for holidays.
I'm not saying not to close some, just approach with caution that you don't cut off your nose and all that.
I understand what you're saying. I am not paying the minimum on my balance. I have divided the balance between 30 months and I'm paying off that amount each month so I will have it cleared well before the 37 months are up.
BC doesn't allow BT between their own cards.0 -
Then I agree with DCFC79 in #2 - it was just worth mentioning in case your overall plans were different
Sounds like you've thought this through.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
I currently have four credit cards.
HSBC (Limit £2,800) 11.9% APR. £0 balance.
Barclaycard Duo Cashback. (Limit £5,000) Can't remember what the APR is however, it's irrelevant as I always clear the monthly balance in full. £0 balance.
Barclaycard Platinum (Limit £3,800) 0% BT for 37 months. New card. £3,077.49 balance.
Halifax Clarity. (Limit £1,500) Can't remember the APR but again, irrelevant as I pay in full. This was a lifesaver during my recent holiday. £0 balance
My oldest running cards are the Barclaycard Duo and HSBC ones. There is nothing special about the HSBC one. I will be closing the Barclaycard Platinum once that balance had been paid off. I need to mention, I am not a big spender so the Barclaycard Cashback doesn't really get me a significant amount of cashback.
I know I definitely don't want to close the Clarity.
I would like to limit the number of cards I have because I do prefer a simplified approach when it comes to my finances.
Would anyone close the Barclaycard cashback Duo even though it's only earning me a couple of pounds in cashback each month?
Any thoughts?
No information on how long all the accounts have been running and what capital is available to clear the biggest balance.
Off the top of my head and making allowance for the lack of information, I would keep the two cards which have been running the longest, i.e. Barclaycard Duo and HSBC, for the sake of my credit history, keep the Barclaycard Platinum assuming no capital to clear the balance and close the rest to free up available credit for future use which might be needed for a BT card to clear the Barclaycard Platinum when due.0 -
The Duo cashback is presumably used for your day to day spending and therefore should not be closed.
The new Barclaycard platinum has the 0% bt and therefore cannot be closed.
The Halifax Clarity apparently 'saved your life' and you say you want to keep it.
So what does that leave? The HSBC card.
Can see no reason to close it but if you are intent on closing something this is the obvious one to close.0 -
I wouldn't close my Barclaycard duo ... it's a good earner, even just for fuel and regular shopping. Their BT / MT offers are pretty good too, if I needed one.
I can't see any reason to keep the HSBC you list.
3 cards is actually quite sensible - one for the BT, one for foreign travel and the third for regular spending and cashback.174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 20200
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