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  • FIRST POST
    • synth
    • By synth 19th Mar 17, 6:36 PM
    • 25Posts
    • 1Thanks
    synth
    Which - if any - to close?
    • #1
    • 19th Mar 17, 6:36 PM
    Which - if any - to close? 19th Mar 17 at 6:36 PM
    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?
    Last edited by synth; 19-03-2017 at 8:05 PM.
Page 1
    • DCFC79
    • By DCFC79 19th Mar 17, 6:58 PM
    • 29,352 Posts
    • 18,558 Thanks
    DCFC79
    • #2
    • 19th Mar 17, 6:58 PM
    • #2
    • 19th Mar 17, 6:58 PM
    Id close the HSBC and the Barclaycard as you say, the HSBC for the high apr.
    Je Suis Charlie
    • Dobbibill
    • By Dobbibill 19th Mar 17, 7:36 PM
    • 2,150 Posts
    • 3,268 Thanks
    Dobbibill
    • #3
    • 19th Mar 17, 7:36 PM
    • #3
    • 19th Mar 17, 7:36 PM
    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 Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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    A person who never made a mistake, never tried anything new.
    • synth
    • By synth 19th Mar 17, 8:07 PM
    • 25 Posts
    • 1 Thanks
    synth
    • #4
    • 19th Mar 17, 8:07 PM
    • #4
    • 19th Mar 17, 8:07 PM
    Id close the HSBC and the Barclaycard as you say, the HSBC for the high apr.
    Originally posted by DCFC79
    I was leaning towards closing the HSBC one as it offers nothing. They do have BT offers but they are not as good as Barclaycard.
    • synth
    • By synth 19th Mar 17, 8:09 PM
    • 25 Posts
    • 1 Thanks
    synth
    • #5
    • 19th Mar 17, 8:09 PM
    • #5
    • 19th Mar 17, 8:09 PM
    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.
    Originally posted by Dobbibill
    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.
    • Dobbibill
    • By Dobbibill 19th Mar 17, 8:29 PM
    • 2,150 Posts
    • 3,268 Thanks
    Dobbibill
    • #6
    • 19th Mar 17, 8:29 PM
    • #6
    • 19th Mar 17, 8:29 PM
    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 Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • Anthorn
    • By Anthorn 19th Mar 17, 9:47 PM
    • 3,030 Posts
    • 781 Thanks
    Anthorn
    • #7
    • 19th Mar 17, 9:47 PM
    • #7
    • 19th Mar 17, 9:47 PM
    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?
    Originally posted by synth
    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.
    Last edited by Anthorn; 19-03-2017 at 9:52 PM.
    • Ben8282
    • By Ben8282 20th Mar 17, 3:24 AM
    • 1,913 Posts
    • 831 Thanks
    Ben8282
    • #8
    • 20th Mar 17, 3:24 AM
    • #8
    • 20th Mar 17, 3:24 AM
    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.
    Last edited by Ben8282; 20-03-2017 at 4:10 AM.
    • Money Rollercoaster
    • By Money Rollercoaster 20th Mar 17, 9:09 AM
    • 246 Posts
    • 595 Thanks
    Money Rollercoaster
    • #9
    • 20th Mar 17, 9:09 AM
    • #9
    • 20th Mar 17, 9:09 AM
    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.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
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