Should I Cancel Card After Balance Transfer?

Genex

Morning!

I've had a bit of a read through the website, but still unsure.

I've had a barclaycard for about 5-7 years, I've just balance transferred everything to a halifax card (who I personally bank with)

Should I keep the barclaycard on the back burner or contact them and close the account?

I'm 6 months into my first mortgage which is fixed for 2 years, so I guess my credit is going to factor in again when we remortgage in 18 months (I live alone and am the only person on the mortgage)

Your thought would be much appreciated, thanks!

[Deleted User]

Depends on your limits, income and how many other cards you have.

So definitely yes, no or maybe.

Ben8282

Keep it. Use it from time to time for purchases and pay in full every month

20aday

I'd also recommend keeping it as they may send you promotional offers in the future i.e. Money Transfers etc.

redpete

Deleted_User wrote: »

Depends on your limits, income and how many other cards you have.

and the lending criteria of whoever you might want to borrow money or services from in the future, and whether BC offer perks, and whether you can trust yourself to not build up more debt on it.

So definitely yes, no or maybe.

Absolutely.

Genex

Thank you for the replies.

So we're talking standard banking !!!!!!!! then :P

I generally only ever have 1 credit card that's used for emergencies (and then slowly paid off). I'm very much a "if I don't have the money, I don't buy it" kind of person. The only loan/credit agreement I've ever had is one PC back in 1999 and my current mortgage Santander), everything else I've paid for or gone without

twokcc

Disagree with all the above, Barclaycard usually at or near the top of tables for best offers for longest interest free periods. As an existing customer you wont be eligible for these offers they're only made to new customers. Would cancel card then after a certain period(usually 12months) you can apply for new Barclaycard and get the offers made to new customers.

Ben8282

twokcc wrote: »

Disagree with all the above, Barclaycard usually at or near the top of tables for best offers for longest interest free periods. As an existing customer you wont be eligible for these offers they're only made to new customers. Would cancel card then after a certain period(usually 12months) you can apply for new Barclaycard and get the offers made to new customers.

My current existing customer BT and Money Transfer offers from Barclaycard are quite acceptable.


Yes, so long as OP is accepted for the new card (not guaranteed and remember she will have only 1 credit card - unwise in itself - if she cancels) with the same or higher credit limit than at present (not guaranteed either),

andygrove

There are many things which you should consider...

firstly, having a credit card with no balance can help you in emergencies however, lower outstanding can figure into your credit score..

If you can keep debts down, better cancel it or keep it for rewards..