Should I close my highest limit card?

lipidicman

YorkshireBoy wrote:

On trying to close my LTSB card earlier this year I got a 6 month 0% fee-free repeat deal, ...
Re the LTSB card, I've been sent new T&C's which state a 2.5% uncapped BT fee applies from 1st Aug (applies now to new applications I believe), so if you get in for your repeat deal quickly they may waive the fee like they did for me.

Nope, two 'card closures' operatives have said it is a 'computer says no' situation. They can offer me 0% for 6 months but they have no powers to 'waive the fee'. YB, I would love to hear how you achieved your fee-free transfer!

YorkshireBoy

lipidicman wrote:

Nope, two 'card closures' operatives have said it is a 'computer says no' situation. They can offer me 0% for 6 months but they have no powers to 'waive the fee'. YB, I would love to hear how you achieved your fee-free transfer!

From memory, it took 3 phone calls. They started at 5.9% APR for 6 months, then offered 0% for 6 months (can't remember if the 2% fee was capped, but I think not otherwise, with my high limit, I'd have taken it). At one point I think I was also offered 1.9% for 12 months, but again the fee was uncapped.

Finally, I rang again and asked to close the account, telling them I had a better deal elsewhere, whereupon they capitulated and waived the BT fee.

Good luck.

giggs11

did you ask them if they could do you a deal or did you ask straight off to close the account and wait for them to make you an offer? knowing my luck if i call to close the account they'll do just that without offering me any incentive to stay lol just paid off my balance today so waiting for it to show as zero balance online before making that call myself

lipidicman

They put you through to card closures, when you get through say the CSA mentioned the possibility of a deal. I have now twice turned down their offers and still have the card. They dont want to close it, so it will be your choice

lipidicman

YorkshireBoy wrote:

From memory, it took 3 phone calls. They started at 5.9% APR for 6 months, then offered 0% for 6 months (can't remember if the 2% fee was capped, but I think not otherwise, with my high limit, I'd have taken it). At one point I think I was also offered 1.9% for 12 months, but again the fee was uncapped.

Finally, I rang again and asked to close the account, telling them I had a better deal elsewhere, whereupon they capitulated and waived the BT fee.

Oh good, I am about to make my third call when I get home. I hope I do as well as you did.

YorkshireBoy

giggs11 wrote:

did you ask them if they could do you a deal or did you ask straight off to close the account and wait for them to make you an offer?

On the first 2 calls I asked what offers they had. We spent a little time negotiating but, although their offers improved and would have been useful to a rate-tart, they were no good to me. When I made the 3rd call I fully intended to close the account. Possibly they could detect from my tone that I was serious?

knowing my luck if i call to close the account they'll do just that without offering me any incentive to stay...

There's always that danger.

just paid off my balance today so waiting for it to show as zero balance online before making that call myself

Without going into too much detail, I had a little grief because I didn't wait until the end of my 0% period - which is why I made my comment to wait earlier in the thread.

giggs11

YorkshireBoy wrote:

Without going into too much detail, I had a little grief because I didn't wait until the end of my 0% period - which is why I made my comment to wait earlier in the thread.

right, well my 0% ends tomorrow (interest payable from 22nd) so maybe it will be better i wait till monday to call them, cheers

Gordon_the_Moron

giggs11 wrote:

my 0% lloyds advance card is due to end next week (22nd) and i'll be paying off full balance, do you think it would be cheeky/too soon for me to phone them the day after balance is cleared to ask to close the card and see if they offer me a further 0% deal? will they waive the fee for me if its before Aug 1st? thanks

I doubt they'd offer you an extended 0%, it would just be obvious you were stoozing, or so I suspect. If they haven't made anything in interest charges off you since the account opened and you clear the balance the day before your 0% runs out you aren't going to look a very profitable customer are you. Maybe they will if they are pretty dumb but I know I wouldn't if I was a banker trying to make money out of a card. Stoozers cost them money rather than making it so they are hardly out to encourage it are they.

lipidicman

Yes Gordon the Moron but they dont know that you are not a rate tart shifting a real debt around. If they offer you one last deal as the others add fees and withdraw offers your debt might be left with them - very profitable indeed and worth helping a few stoozers along the way

giggs11

omg i am so nervous about making this call that i'm sure they will hear it in my voice!!! so, i call them to ask about cancelling my card and wait for them to put me through to the retentions dept right? i then tell them i'm looking to close the card but was told by csa that they might be able to offer me a deal to stay?

what do i do then if they don't offer me a good deal, say another 0% or very low LOB rate, do i say i need time to think about it or maybe that i'm going to apply elsewhere for a 0% card and will call them back later? i don't want them to just cancel the card before i've had time to think about what they offer me lol

oh before i call, what sort of LOB interest rate would be a good deal? i don't have any interest paying debt to BT but i was thinking of maybe using it as a loan as i have a good credit limit on this card insteading of applying elsewhere and adding more searches to my credit file if that makes sense. thanks