Barclaycard closing account?

8ofspades

Puppy spree sounds good :rotfl:

Hope it all goes well for you!

Candyapple

Yet_More_Puddylove wrote: »

Hi all
I've just had the same e-mail regarding Barclaycard. I haven't used it for maybe four or five years - and then it was just for BTs. I don't want the account, to be honest as I just worry about fraud (I've a hefty credit limit of £10k plus) - but will closing it affect my chances of a mortgage?

I have 2 other cards - one on my main account (empty aside from Netflix every month) and one which I've had for so long it doesn't appear on any credit checks (25 years) which I use and pay off monthly. They have a combined credit limit of £20k plus. I can't think of any good reason to keep BC open - am I missing anything?

I would definitely NOT close the Barclaycard account just yet.

1. If you are that worried about fraud, just reduce the limit to £5k, although given in this day and age where you can check your balance in so many ways and they would usually call you and block any 'unusual' transactions for high amounts, I'm not sure why you'd bother.

2. If you have held your Barclaycard for a long time, closing it will affect the age of your average account history length. Not good if you are planning to apply for a mortgage soon.

3. It would mean that you only have 1 credit card showing on your credit files. Whilst 1 is ok, 2 is better. 3 or more is always a good sign especially as it shows that lenders trust you and your long repayment history is shown.

4. Barclaycard always have decent monthly offers for balance transfers and money transfers for existing customers. You never know when you may choose to use it/need it - would save you having to reapply elsewhere and having a hard search on your files, plus you'd already have the high limit to play with vs an unknown or possibly low limit elsewhere.

5. You can use Barclaycard to do super balance transfers.