Able to repay my card....what's the best strategy?

silverstar189

I've currently got a maxed out barclaycard platinum with £2500 on that I've had since '08. For most of that time it's been around it's limit. I missed 1 or 2 payments back in early 09 due to the recession but have enough to be able to pay off the card now in one go. Whilst it's nice to be debt free, I'd like to be able to keep the line of credit available to me in case of a future rainy day. The account originally had a £2000 limit but this was raised by barclaycard by £500 this summer. Is it best to clear it in one or reduce in increments? I intend to keep using the card regularly once paid and pay off in full each month to keep it active.

Sorry if this has been asked before but I'd be grateful for any advice people have here

Farway

Unless you love paying interest to Barclay's it would be best to just clear it.

I clear my Egg card every month, there is never any question of them canceling the card or reducing the limit. I use it more or less daily and clear in full by DD

But please feel free to continue paying interest to Barclay's because I am a Barclay share holder and need the dividends :j

silverstar189

Farway wrote: »

Unless you love paying interest to Barclay's it would be best to just clear it.

I clear my Egg card every month, there is never any question of them canceling the card or reducing the limit. I use it more or less daily and clear in full by DD

But please feel free to continue paying interest to Barclay's because I am a Barclay share holder and need the dividends :j

:rotfl:I've probably paid you a fair bit enough already as it is over the last couple of years!

Basically all I'm afraid of is that I'll pay it off and they'll drop the limit in case there's a rainy day...

Ben8282

silverstar189 wrote: »

I've currently got a maxed out barclaycard platinum with £2500 on that I've had since '08. For most of that time it's been around it's limit. I missed 1 or 2 payments back in early 09 due to the recession but have enough to be able to pay off the card now in one go. Whilst it's nice to be debt free, I'd like to be able to keep the line of credit available to me in case of a future rainy day. The account originally had a £2000 limit but this was raised by barclaycard by £500 this summer. Is it best to clear it in one or reduce in increments? I intend to keep using the card regularly once paid and pay off in full each month to keep it active.

Sorry if this has been asked before but I'd be grateful for any advice people have here

Pay it in full in one go so that you will not be paying interest on purchases.

izools

silverstar189 wrote: »

Basically all I'm afraid of is that I'll pay it off and they'll drop the limit in case there's a rainy day...

So then put the money you'd have otherwise paid Barclaycard in interest, into a savings account, for your rainy day