to cancel or not to cancel?

daverave7

Hi,

I'm juggling some hefty debts totalling > £25K on various credit cards and keeping them on 0 % deals. I'm not too concerned with the total debts as I am reducing it each month.

However, next February, I have £8K on a card coming to the end of it's 0% offer. I currently have a barclaycard with no balance and a £13K limit and they regularly send me offers of balance transfers of 0% plus fee for 1 year (considerably less balance transfer period than that for new customers).

My question is, do I take a risk and cancel this barclaycard in the hope that I will be able to get a new customer offer in February with a similar credit (or at least £8K) and benefit from the longer balance transfer period (33 months)? Or stick, and keep my current barclaycard with only a 12 month offer period?

I know no-one has a crystal ball, but any advice/opinions will be much appreciated!

sinizterguy

If you cannot afford to be without a card in February under any circumstance, you're better off keeping what you have.

If you could manage for a month on two without a new offer, then taking the risk is probably worthwhile.

daverave7

Fair enough! I think I'll keep the card, as if I can't get a new card with a large credit then I'll be stuck with the balance on 20 % interest.

apollo_

I agree, I'd take the existing offer - but I've always verged towards playing it safe. If you ring up Barclaycard in a year's time asking to cancel you could maybe even persuade them to extend another 0% offer - I'm not sure how Barclaycard typically react in these situations.

goldmask

daverave7 wrote: »

Fair enough! I think I'll keep the card, as if I can't get a new card with a large credit then I'll be stuck with the balance on 20 % interest.

That's what I did earlier this year. I managed to BT about 12,000 pounds after they combined my credit limits. Worth a try if your credit histroy is clean.

planteria

it is a good question, and very difficult to answer.

i would bear in mind that you may be able to get a new card aswell as your existing card. and also, if you manage that, to move your existing limit across to it. that is the process i have steadily worked through to get some decent limits with both Barclaycard and MBNA.

the offers that they keep sending you may be better come February. but, they may happen to not offer you anything at that point, too..so it really is difficult to plan ahead.

but in the meantime, keep chipping away. it's 6 months away:)