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Seeking a new 0% deal, Any Negatives to cancelling an existing card beforehand?

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Raxiel
Raxiel Posts: 1,403 Forumite
Eighth Anniversary 1,000 Posts Name Dropper Photogenic
A few years ago I signed up to Barclaycard platinum to take advantage of a 0% interest 0% fee deal for a couple of big purchases. I got the card, made the transfers and paid it off before the 0% term ended. They kept trying to entice me with other 0% (with fee) deals, but I didn't have need of it and ignored them. Eventually they stopped mailing me and I kinda forgot about it.
Now I once again have a couple of big purchases I'd like to put on a long term 0% deal. Logging into the old Barclaycard account they aren't offering anything right now, but according to the Credit club I have a very good chance of getting one of several deals from other banks, but I'm concerned that the unused credit limit on the Barclaycard might limit the amount I'm offered on any successful application I might make now.
Overall I have a 10k limit on my day-to-day card, and 9k on the Barclaycard. I'd like 9ish on the next card too.

I'm thinking I should close the Barclaycard now.

Are there any downsides to doing so? I don't expect there to be, but I realize the system doesn't always work as expected and wanted to ask.
With the BoE rate announcement and the UK heading for recession is it likely that many of these 0% deals start to disappear?
Am I worrying over nothing?

Thanks
3.6 kW PV in the Midlands - 9x Sharp 400W black panels - 6x facing SE and 3x facing SW, Solaredge Optimisers and Inverter. 400W Derril Water (one day). Octopus Flux

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    With only two cards, you'll almost certainly reduce your chances of getting a new card if you cancel one.

    Keep them all open.
  • Raxiel
    Raxiel Posts: 1,403 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 17 August 2022 at 6:40PM
    With only two cards, you'll almost certainly reduce your chances of getting a new card if you cancel one.

    Keep them all open.

    Thanks! I had something in the back of my mind that it might matter, I'm glad I checked.
    Any positive/negative to requesting a lower limit?
    3.6 kW PV in the Midlands - 9x Sharp 400W black panels - 6x facing SE and 3x facing SW, Solaredge Optimisers and Inverter. 400W Derril Water (one day). Octopus Flux
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yes - again, you're going to worry other lenders and lessen your chances of acceptance.

    There is very rarely a benefit to closing accounts, but plenty of downsides. Try to give the impression that lenders trust you with their money.
  • Chrysalis
    Chrysalis Posts: 4,695 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Absolutely always keep your oldest card, I also agree with the above advice if you only got two then keep both.
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