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  • FIRST POST
    • Stump1965
    • By Stump1965 22nd Sep 16, 10:14 AM
    • 6Posts
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    Stump1965
    Balance Transfer Question
    • #1
    • 22nd Sep 16, 10:14 AM
    Balance Transfer Question 22nd Sep 16 at 10:14 AM
    Hi,

    I have just taken out the Halifax Credit Card with the 0% Transfer Fee. I have transferred a balance from my Barclay Card.

    As I have a -0.01 balance now on my Barclay Card should I cancel it? Would this help or worsen my credit rating? Also if I wanted at a later date to transfer a balance from my new Halifax credit card, to say, a Barclay Card if they were the best deal, if I hadnít cancelled it, would this stop me opening a new one?

    Stump
Page 1
    • zx81
    • By zx81 22nd Sep 16, 10:27 AM
    • 8,657 Posts
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    zx81
    • #2
    • 22nd Sep 16, 10:27 AM
    • #2
    • 22nd Sep 16, 10:27 AM
    Depends.

    What are your total limits, balances and income? How long have you had each card?
    • mrssjs
    • By mrssjs 22nd Sep 16, 2:04 PM
    • 577 Posts
    • 6,253 Thanks
    mrssjs
    • #3
    • 22nd Sep 16, 2:04 PM
    • #3
    • 22nd Sep 16, 2:04 PM
    A few months ago we paid off (well transferred to another card) our 0% Barclaycard (at the end of its promotional rate) We asked at the time if we could do a balance transfer at zero fee and they said no, the best they could do was 1% or similar. So we closed the account.

    Fast forward a few months and they are again doing zero fee plus £20 cashback on a balance transfer, so I've just applied and been accepted for a new account and added another few thousand to our stooze pot ;-)
    • Stump1965
    • By Stump1965 23rd Sep 16, 1:51 PM
    • 6 Posts
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    Stump1965
    • #4
    • 23rd Sep 16, 1:51 PM
    • #4
    • 23rd Sep 16, 1:51 PM
    I have a 12K limit on both cards. 0% interest has just finished on the Barclay card hence why I have swapped it to the Halifax. Wanted to know whether to cancel the Barclay card now?
    • zx81
    • By zx81 23rd Sep 16, 2:08 PM
    • 8,657 Posts
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    zx81
    • #5
    • 23rd Sep 16, 2:08 PM
    • #5
    • 23rd Sep 16, 2:08 PM
    Is that 24k in total? Or 12k in total?

    What's your income? What's the current balance on the Bcard?
    • Stump1965
    • By Stump1965 23rd Sep 16, 2:08 PM
    • 6 Posts
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    Stump1965
    • #6
    • 23rd Sep 16, 2:08 PM
    • #6
    • 23rd Sep 16, 2:08 PM
    Thank you. I was thinking of doing the same just didn't know if it effected your credit rating? Meaning am i better off cancelling the Barclay Card? Or keeping it? My concern is if you have to many credit cards does this effect you rating?
    • Stump1965
    • By Stump1965 23rd Sep 16, 2:10 PM
    • 6 Posts
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    Stump1965
    • #7
    • 23rd Sep 16, 2:10 PM
    • #7
    • 23rd Sep 16, 2:10 PM
    24K in total income 35K. Balance on Barclay Card nil
    • zx81
    • By zx81 23rd Sep 16, 2:10 PM
    • 8,657 Posts
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    zx81
    • #8
    • 23rd Sep 16, 2:10 PM
    • #8
    • 23rd Sep 16, 2:10 PM
    And the balance on the Halifax?
    • kindofagilr
    • By kindofagilr 23rd Sep 16, 2:26 PM
    • 5,882 Posts
    • 19,628 Thanks
    kindofagilr
    • #9
    • 23rd Sep 16, 2:26 PM
    • #9
    • 23rd Sep 16, 2:26 PM
    Personally I would keep it (I have done anyway) as barclaycard are always sending me 0% offers, I don't need them yet but good to know they have offers all the time, I've been getting a letter every couple of months offering me 0% on BT
    At LBM DFD was Dec 2024
    £47,166.44
    /£33,904.12 ~ 20/08/2016 ~28.11% Paid

    PAYDBX 2016 - #87 PD £3022.61/£7,000


    Current Target: Tesco 1: £2600.00/£2344.74 ~ 0% APR (till Aug 17) ~ (as of 20/08/16)
    Next Target: Virgin - R: £4095.34/£3788.95 ~ 0% APR (till July 17) ~ (as of 20/08/16)

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    £104,409/£89,359 (as of 31/07/16) ~ 14.41% Paid

    Survey/Shop and Scan Earning's ~ 2015/£58.50 ~ 2016/£112.50

    My Debt Free Diary (Link)
    • Stump1965
    • By Stump1965 23rd Sep 16, 2:33 PM
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    Stump1965
    7K on the new Barclay Card
    • Stump1965
    • By Stump1965 23rd Sep 16, 2:36 PM
    • 6 Posts
    • 0 Thanks
    Stump1965
    I was thinking to keeping it then watched a video blog of Martin's yesterday and I thought he said it might stop you getting another offer from Barclay Card if you already hold a card with them. Hence my questions.
    • zx81
    • By zx81 23rd Sep 16, 2:44 PM
    • 8,657 Posts
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    zx81
    I would keep both, but perhaps reduce the limit on the Barclaycard to something like 6k.

    It's always wise to have a back up card (you'll need another to put your purchases on in any case), and you don't want your utilisation to be too high, which would be the case with Halifax on it own.

    It also means you may get future offers from Bcard without having to apply for new cards.
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