To close or not to close

fredjxl
fredjxl Posts: 13 Forumite
in Credit cards
Hi guys, I have a Barclaycard credit card with a 9k limit.

Problem I have is that I have a Virgin credit card with another debt on that ideally I would like to transfer to my Barclaycard but I've not had any offers for a while.

My offer on my Virgin card is due to expire in November.

Would I be better off holding out for an offer from Barclaycard or closing my account with them and reapply for another card?

I'm thinking of the effect it may have on my credit rating as I have had the Barclaycard for about 9/10 years.

Any advice would be greatly appreciated!

Comments

  • J_B
    J_B Posts: 6,443 Forumite
    Name Dropper Photogenic First Post First Anniversary
    We have a Barclaycard that we've not used since they took over 'Goldfish'


    Yesterday, we both had an offer to 'balance transfer' - I binned it, sorry!
  • gwynfil
    gwynfil Posts: 99 Forumite
    First Anniversary Combo Breaker First Post
    Hi


    I have a Barclaycard and I'm quite happy with the service. You have a good limit with them, so I wouldn't personally get rid of the account.



    If you put a search in the internet, say in google- Barclaycard balance transfer- I think you will find they have lots of information about balance transfers for existing customers on their Barclaycard website. If you do online banking with Barclaycard, you may be able to login to your account and sort out some kind of balance transfer in there. I appreciate you would want to consider if the terms suit you first though, as there can be charges etc. If your Barclaycard interest rate is less than Virgin, then it may be worth considering. Failing that, you could ask Barclaycard if they could offer you any good balance transfer deal.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    fredjxl wrote: »

    Problem I have is that I have a Virgin credit card with another debt on that ideally I would like to transfer to my Barclaycard but I've not had any offers for a while.

    Perhaps using the card which trigger the fact that it's still actively used. Credit card companies will actively look to close accounts / reduce credit limits if not used.
  • Coveredinbees!!!!
    Coveredinbees!!!! Posts: 3,927 Forumite
    Name Dropper Photogenic First Post Combo Breaker
    see what else you can get using the soft search, I don't normally have a problem find a new card to BT to
    Nothing to see here, move along.
  • Nebulous2
    Nebulous2 Posts: 5,115 Forumite
    First Anniversary Name Dropper First Post
    What is your income?

    I'd apply for another card without closing the Barclaycard. Initial deals are on offer that are better than existing customer deals. As long as you aren't really pushing credit to income levels.
  • pcoventry
    pcoventry Posts: 52 Forumite
    First Post
    Thrugelmir wrote: »
    Perhaps using the card which trigger the fact that it's still actively used. Credit card companies will actively look to close accounts / reduce credit limits if not used.

    Well explain how my dad has had 3 cards he's not used in 9 years and they still remain open to this day?
  • fredjxl
    fredjxl Posts: 13 Forumite
    gwynfil wrote: »
    Hi


    I have a Barclaycard and I'm quite happy with the service. You have a good limit with them, so I wouldn't personally get rid of the account.



    If you put a search in the internet, say in google- Barclaycard balance transfer- I think you will find they have lots of information about balance transfers for existing customers on their Barclaycard website. If you do online banking with Barclaycard, you may be able to login to your account and sort out some kind of balance transfer in there. I appreciate you would want to consider if the terms suit you first though, as there can be charges etc. If your Barclaycard interest rate is less than Virgin, then it may be worth considering. Failing that, you could ask Barclaycard if they could offer you any good balance transfer deal.



    I have no offers available at this time on my account details.


    I spoke with barclaycard and they could only offer me a purchase plan with my card which I don't want/need.


    I've done a soft search for balance transfer cards and I have some of them. The others I wouldnt consider a good deal. My chances of another barclaycard shows 25% acceptance so I think this may correlate to why I'm unlikely to get offers from them?
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