Barclaycard - lowering APR? Closing account?

AScotLondon

Hi all

I signed up for a Barclaycard student credit card several years ago. I asked about two years ago about changing the account type / getting my APR reduced / credit card limit increased and the person on the phone shrugged and said nothing they could do. When I signed up, I would have provided my student income (which would have been around £12k a year), which has obviously now increased significantly as I'm in full time professional employment - I did tell the telephone agent that they probably held incorrect information, but again, he didn't care and said it couldn't be changed. Out of the blue, about 12-18 months ago they replaced that with a 'Gold' card.

My original limit with them was £500, it's now at £900. My APR started off around 15%, and over time they've increased it - it's now 22.9%. My Barclaycard has contactless, and I use it quite often for small purchases. I have spikes in my income, so I tend to pay the balance off every 6-8 months, and then accumulate another balance before paying it off in full. As I carry a small balance, the increased APR has never really bothered me, but as I'm looking to save for a house deposit, every pound is now starting to count!

I've never had trouble getting credit and Experian tell me I have a near-perfect credit history (I've got an extensive credit history with lots of settled accounts). I have four other credit cards with a combined £10,000+ credit limit - the additional cards have been accumulated through 0% purchase offers which I used, paid off, but never closed. They now carry no or really small balance. My fourth card is a new 0% balance transfer card and has a smallish balance on it. APR's are 16-18% on the other cards, and I've always automatically been offered significant credit limit increases, which I've never refused. I have about £9000 in available credit across everything.

None of my other cards has contactless, so I'm quite keen on the barclaycard for that reason. But I'd like to try and see if I can lower the APR - does anyone have any tricks for doing this? Or indeed how I could switch to get a Barclaycard Platinum Simplicity 7.9% card

Do I need to close the account and pay it off? Then wait 6 months and apply with them again?

If anyone has any tips, please let me know. I'd prefer to avoid opening yet another account, if possible, so finding some way through the Barclaycard agents to do what I would think is fairly simple (updating my financial details, changing account type, re-evaluating my APR) would be helpful!

AScotLondon

You-kip wrote: »

I take it you've the Gold Visa credit card not the Gold MasterCard.

It's a Gold MasterCard... if that makes a difference?

5. Experian said you have near perfect history, well ignore what them wallys say as its not them that's lending the money in other words their scoring is meaningless.

I know their score is meaningless, but all of the detailed data they have shows everything in perfect shape

AScotLondon

You-kip wrote: »

How did you get the Gold MasterCard?
We're you an Ex Sky credit card holder?

I had a student MasterCard from nearly 10 years ago. It was replaced with a Gold MasterCard about 12-18 months ago. No idea why or how!

CLAPTON

if you have spikes in your income, then you really need to build up a saving buffer so you always have spare money to pay your CCs in full.

if you are serious about saving for a house it's even more essential to get on top of a cash buffer to handle your variable income

yellowhighlighter

Hi,

Unfortunately, this isn't going to be a very helpful response, more a commiseration. My Barclaycard credit history looks almost identical to yours. I've tried in vain to get them to lower my APR (as I don't want to waste the potential advantages of having had a credit card for just under10 years, or the 6.9% APR balance transfer loophole). However, they always say that their "evaluation team" produces offers periodically, and only the evaluation team are unable to create offers. If you call customer services, they can tell you what your personal offers are, but not when the next offer production date will be. The most useful information I have managed to get is that customers with cards over 10 years old have been known to get APR reduction offers - as I've had my card for 9 years and never missed a payment, but never had an APR reduction offer, I assume you really do need to hit that 10 year mark. Hopefully I'm wrong! Hope this helps somewhat.

Horseunderwater

AScotLondon wrote: »

Hi all

I signed up for a Barclaycard student credit card several years ago. I asked about two years ago about changing the account type / getting my APR reduced / credit card limit increased and the person on the phone shrugged and said nothing they could do. When I signed up, I would have provided my student income (which would have been around £12k a year), which has obviously now increased significantly as I'm in full time professional employment - I did tell the telephone agent that they probably held incorrect information, but again, he didn't care and said it couldn't be changed. Out of the blue, about 12-18 months ago they replaced that with a 'Gold' card.

My original limit with them was £500, it's now at £900. My APR started off around 15%, and over time they've increased it - it's now 22.9%. My Barclaycard has contactless, and I use it quite often for small purchases. I have spikes in my income, so I tend to pay the balance off every 6-8 months, and then accumulate another balance before paying it off in full. As I carry a small balance, the increased APR has never really bothered me, but as I'm looking to save for a house deposit, every pound is now starting to count!

I've never had trouble getting credit and Experian tell me I have a near-perfect credit history (I've got an extensive credit history with lots of settled accounts). I have four other credit cards with a combined £10,000+ credit limit - the additional cards have been accumulated through 0% purchase offers which I used, paid off, but never closed. They now carry no or really small balance. My fourth card is a new 0% balance transfer card and has a smallish balance on it. APR's are 16-18% on the other cards, and I've always automatically been offered significant credit limit increases, which I've never refused. I have about £9000 in available credit across everything.

None of my other cards has contactless, so I'm quite keen on the barclaycard for that reason. But I'd like to try and see if I can lower the APR - does anyone have any tricks for doing this? Or indeed how I could switch to get a Barclaycard Platinum Simplicity 7.9% card

Do I need to close the account and pay it off? Then wait 6 months and apply with them again?

If anyone has any tips, please let me know. I'd prefer to avoid opening yet another account, if possible, so finding some way through the Barclaycard agents to do what I would think is fairly simple (updating my financial details, changing account type, re-evaluating my APR) would be helpful!

If you are not using the other cards and they have no balance close them down.
Pay off the gold mastercard in full and as soon as you know it has cleared and no residual interest is being added. Best to wait to next statement date to confirm. Close that down and wait the 6 months. Then you should be able to apply for a 0% BT Barclaycard visa, which will be contactless and you should be sorted. Or if you prefer the simplicity one instead.