Existing Barclaycard customer about to clear balance

nonsoloinglese

Hi all, I would appreciate some help. I am about to receive a lump sum to pay off some debt on my journey to zero debt.

I have looked at a number of strategies, the smallest to largest looks the best. I have a full balance on Barclaycard and I am thinking of paying off that card as it would free up credit. I am hoping they come along and offer another 0% deal.

I am in two minds whether to base my strategy on the off chance that Barclays offer another deal. Has anyone experienced getting offers from Barclays on balance transfers?

My worry is that I have had a balance on it for a while and have started to decrease my credit limit.

[Deleted User]

nonsoloinglese wrote: »

I have looked at a number of strategies, the smallest to largest looks the best.

Highest to lowest rate would be best, in financial terms.

The only other consideration is whether one of your cards is more likely to give a promo offer once cleared. What are your cards?

Stop decreasing your limits as it's likely to be interpreted as a sign that Bcard see you as a risky customer.

nonsoloinglese

thanks - the other school of thought is smallest to largest balance by a business insider Harvard report.

They say it keeps you best motivated, barclays decreased it not me so that is not a good sign!

[Deleted User]

Smallest to largest isn't the way to save the most money.

But it has financial benefits if you're less disciplined though and need motivation.

nonsoloinglese

Deleted_User wrote: »

The only other consideration is whether one of your cards is more likely to give a promo offer once cleared. What are your cards?

Tesco
AMEX
Barclaycard
Virgin

Penelopa.Pitstop

If you don't get regular promotions now, it's difficult to say if Barclays will offer new one. AMEX will certainly not offer new promo, they don't do that. Tesco maybe, Virgin don't know. So it's probably best pay off the card with highest interest.

onlyfoolsandparking

Tesco usually offer me a deal twice a year, Virgin similar or maybe every 3 months, AMEX I don't know about and Barclays seem to offer a decent deal monthly which rolls over but sometimes no deal for 3-9 months

Nasqueron

I tend to get monthly deals, typically at the moment 0% for 12 months or 6.9% for life of the card iirc. I have had them with a high or low balance or without any balance. I think Barclays are quite reliable with them as they make money, particularly if you are seen to be paying off every month as it may encourage you to do more.