I want to cancel Barclaycard

crazyshady

My 6 months interest free period ends tomorrow and I've paid it off in full and really I was using it to boost my credit rating. What is the best way to cancel the card and is it wrong to try for another card with a long interest free period?

[Deleted User]

Phone them up and tell them you want to cancel it.

You're allowed to apply for other cards if that's what you want. Not sure what you mean by 'wrong'?

tom222

If it's your only line of credit/longest line of credit then I'd say it's advisable to keep the card open and just don't use it/use it rarely. You can still apply for another card with an interest free period.

LittleVoice

If you close it, are you not ending the "boost"? Keep it running and you will have a longer history of managing that line of credit. Apply for another card if you want one but don't close Barclaycard first - you might end up with no credit card when you want one.

Paully232000

crazyshady wrote: »

My 6 months interest free period ends tomorrow and I've paid it off in full and really I was using it to boost my credit rating. What is the best way to cancel the card and is it wrong to try for another card with a long interest free period?

why do you want to cancel it?

nothing wrong will applying for another card, I guess you mean 0% on purchases, if so that would be a good reason to get another card.

crazyshady

I have a Halifax credit card with a few grand on it and I'm trying my best to get it transferred to another card with a long 0% interest period on it to get it paid off quicker. The reason I got the Barclaycard was because it is supposed to help you get a better credit rating. With me not working at the moment there is no chance of me paying the Halifax one off because I can only pay the minimum each month but if I had a 0% interest card for a long period it would go a long way to getting that cleared but due to me not working I know i wont get accepted for a card like that anytime soon.

planteria

on that basis, yes...perhaps you should cancel.
but perhaps you should ask them for deals on the way out. perhaps they'll even offer you a Balance Transfer deal that would take all/part of your Halifax balance.

Paully232000

being unemployed you may/will struggle to get another card, although there are cards that accept total family income as a basis if this applies to you.

I think, based on what you have said, that the best chance would be, as others have said, to see if BC can offer you a further 0% period and transfer some/all of the debt from halifax

crazyshady

I'm not against having an extended period of 0% interest, I was even reading about some people being offered £50 to stay although I'm not sure that would include any interest free period. I just want to pay my debt and clear it not add to it. I was even thinking of joining a local credit union as you can borrow up to 2x and 3x the amount you have with them after you have been in it for a period of time. I know with one credit union it would have worked out nearly £70 per month to pay back a loan of £2500 which is a lot more than my minimum right now of £49 per month and I understand that the extra would pay it off quicker but they were adding hundreds of pounds per year interest onto my loan because I could only apply for certain kinds of loans they had so I'm back to square one again. I have been told that there are different rules for different unions and it's worth looking into so I will.

I will phone Barclay tomorrow. I've had my Halifax card since 2008 so I don't know what they will do or offer me anything, I've never closed a card before. Regarding the transfer of debt, my minimum with Halifax is £49 right now. What concerns me about this is I can't afford a lot more than that so if they took on most of that debt for an interest free period, it would need to be long enough that I could clear that debt, there's no point them taking a percentage of it interest free for 6 months and then after 6 months I can't clear it and now I've got their interest to pay. The other thing that bothers me is that if I do move some of the debt from the Halifax card to Barclaycard, how much lower is my minimum payment to them going to be? If i moved £500 for instance, is it really going to be that much lower than £49 per month? That's the kind of thing that goes through my mind. Is it even possible for me to split the debt among two cards, have a better chance of clearing it all but STILL pay around that £49 price point per month?

redux

I'd suggest if you do find a good balance transfer offer somewhere, use that only for the transfer, and keep the Barclaycard for occasional modest current spending which you can pay off and so avoid interest on that.

KennethHardy

Just say your credit card company to cancel and if any balance left then shift to next account which you want to start. I think this is not the big problem.