will...and whats the lowest limit barclaycard will set?

postingalwaysposting

hi all :hello: , I have just got rid of all my debts and closed one of my cc accounts, the other account i have is with barclaycard. I am still in two minds if to close the account or not (cant do this till the statement comes through anyway). But i was wondering if barclaycard will drop your credit limit (if asked) to a smaller amount? the reason i would rather do this is incase i need a small amount of cash for emergencies, untill my savings accounts are refilled (these were emptied to pay of my debts). once my savings accounts look more healthy i will 100% close the account but this is just for the meantime any input will be appreciated :rolleyes:

---lee---

I reduce all my credit card limits to 3K as I repay them in full each month. 3K is my worst case scenario of two months full spending to allow for 56 days of interest free spending – not that I should ever spend anywhere near that much. That way I free up potential credit for 0% cards.

I can’t see why Barclays would not reduce your limit – they would rather do this than have you close your account. I’ve never had any objections from any card provider that I’ve done it with.

postingalwaysposting

thanks, any other suggestions?

---lee---

Noone else seems to have anything to say, so...

As your now debt free, you could consider applying for a cashback card, putting all your normal monthly spending (shopping, petrol etc) onto it and clearing it in full by direct debit each month.

GE Money are doing a good deal with a 3% cashback card on grocery type shopping at the moment. See Martin's Credit Cards article here for details.

Personally, I don’t bother with savings as I have a mortgage so I overpay that instead. I do ‘save’ enough to pay for holidays, replacement appliances, car tax etc but these are not really savings as I intend to spend them throughout the year. I also keep cards in reserve for emergencies, but touch wood I've not had to use them.