Switching to a better Barclaycard rate.

LAEllis

Hi folks,

I currently have a barclaycard inital with a 5k limit, about 2.4k used on it which i'll clear friday when my wages go in.

I have a halifax all in one with a 1.9k limit and 1.7k on it @ 0%

I had an issue last year with a motorbike accident which left me with a bit of a debt, nothing unmanageable. Anyway, i would like to swtich to a better Barclaycard rate, mine right now is somewhere in the 27-30% range right now i believe. Barclays said they cant offer me a better rate card because i already have one of their cards, my only issue is that the 5k limit is a very nice buffer and very useful for myself and my mrs.

Is there any way to switch and preserve the bulk of that limit? is it likely that i'd be offered a similar amount on a lower rate? or will i have to start all over again with a £300 limit like before :S

Cheers guys

LAEllis

anyone any idea on this?

jo-bo

I thought that it was possible to transfer to the new cash back card without issue? I have seen posts on here before when people have said that they'd like to stay but are looking for a lower rate. You might have more joy with them after you've cleared the balance.

guesswho2000

LAEllis wrote: »

anyone any idea on this?

You can transfer your initial to either Freedom Rewards (no fee) or Cashback (£24 per year); they state that you keep your existing APR, but I expect if the APR of the new card is lower, you'd get the lower one, you'd need to ask them though.

However, I had an Initial previously with a 26.9% APR; I complained formally to Barclaycard on the grounds that I couldn't change product (which was true at the time, you can now, so not sure if that will still work) and that, since BC was my oldest card I didn't want to close it - I had held the card for a number of years, never overlimit or a payment missed, therefore I felt that I wasn't as high a risk as 26.9% would suggest - they agreed and dropped the APR to 18.9%.

I should add that I wasn't carrying a standard rate balance at the time, and hadn't for a number of years, just a 6.9% life of balance transfer - this may have been a factor, as perhaps they thought if they lowered it a bit I'd start revolving some debt at 18.9% too (I didn't, but I'd rather have at 18.9 than 26.9!).

For info, following my rate drop (six months later maybe?) I transferred to the Freedom Rewards card, no credit check or anything else - you are also eligible for the intro offer (£30 worth of points) if you transfer.

LAEllis

I shall ring them tomorrow, thanks guys

LAEllis

Just spoke to BCard, they said its against policy to reduce APR and it cannot be done, i can however apply for a different card and see if its a lower apr etc

guesswho2000

LAEllis wrote: »

Just spoke to BCard, they said its against policy to reduce APR and it cannot be done, i can however apply for a different card and see if its a lower apr etc

It maybe that their standard CS team cannot do it, however they definitely can; my route was via their complaints team - I raised a formal complaint about the APR via their online secure messaging, to which one of their team called me and offered the reduced rate.

MentalMinnie

Not the same, but i've just applied for a second BC. I have the low rate platinum card (7.9% for life) I have a balance of £2300. which will be paid off in full over the course of the next 5 weeks. I've just applied for the 26 month BT card though after getting a 80% likely approval so i can transfer my Nationwide balance. Said I would recieve info in the post in the next 5 days. Is that normal? Thought it was an instant decision?

LAEllis

MentalMinnie wrote: »

Not the same, but i've just applied for a second BC. I have the low rate platinum card (7.9% for life) I have a balance of £2300. which will be paid off in full over the course of the next 5 weeks. I've just applied for the 26 month BT card though after getting a 80% likely approval so i can transfer my Nationwide balance. Said I would recieve info in the post in the next 5 days. Is that normal? Thought it was an instant decision?

Usually (in my experience) it means you've not been approved but i might be wrong.

MentalMinnie

Ah,,, thats a shame. Would have been handy to transfer my balance. Thought an 80% approval likelihood was a good sign.