Barclarcard have slashed my credit limit to £1 !!!!

suefink · 12 October 2006 at 2:44PM

After reading some posts today I decided to check my credit limits on my cards as a lot of people have had their limits reduced suddenly.
To my surprise Barclaycard have done just that to me reducing my limit from £8500 to £1 !!! I am in shock, I cannot believe they have left me with nothing on my emergency card, I havent used it for a few months but have been a customer for over 12 years, why do this without even telling me!!

So I will be closing the account as soon as I have heard back from customer services, as Im worried this will have a negative effect on my credit rating.
This is how they treat loyal long-term customers, I have done nothing wrong and am now being punished for not being in debt!!!

Andybez38 · 12 October 2006 at 3:16PM

Don't spend it all at once.

Astaroth · 12 October 2006 at 3:29PM

it costs money for them to service you account and so not surprising that they dont really want dormant accounts with no activity however to reduce it after only a couple of months is surprising.

suefink · 12 October 2006 at 3:54PM

Yeah I understand that, but cutting it to £1 is ridiculous, why didnt they just close the account. But i'm more annoyed they didnt tell me they were going to do this, i could have tried to spend on it and been put in a very embarrising position. I'm sure theres some small print somewhere saying they have the right to do this, but it would have been nice to be informed since im a loyal customer ( or was!!)

MascaraMinx · 12 October 2006 at 4:02PM

To do that without notifying you is shocking. I can understand them reducing it, but like you say why didn't they write to you and advise you to close it? What would have happened if you tried to use it? Lots of people keep a card for emergencies and there has never been a rule about minimum usage of cards, regardless of how much the accounts cost to run. I sympathise.

King_Of_Fools · 12 October 2006 at 4:45PM

Andybez38 wrote:

Don't spend it all at once.

Go to Tesco and buy something from the self-service tills for under £1 then pay the bill by cheque!

Astaroth · 12 October 2006 at 4:53PM

Have you actually spoken to them? As has been said by all, £1 seems a silly amount to have moved it to and it could well be a mistake/ glitch.

Moggles_2 · 12 October 2006 at 6:03PM

My thoughts exactly. It's worth a call to Customer Services. You can avoid the wretched 0870 number by phoning 01604 234234

Recently, MSEs ringing to cancel this card have reported lots of arm-twisting to stay, on the grounds that closing would reduce their credit rating. (Not true of course)

Let us know how you get on.

sofa_surfer · 12 October 2006 at 9:08PM

King_Of_Fools wrote:

Go to Tesco and buy something from the self-service tills for under £1 then pay the bill by cheque!

picturing this is like the scene at the beginning of 'The Big Lebowski' - The Dude and his carton of milk!!!:rotfl:

roswell · 12 October 2006 at 10:09PM

id be tempted to bet 3 p worth of sweets from the pick adn mix and pay with your credit card ... its sure to cost them more than the cost of the sweets to authorise the payment and send your statement at the end of the month.

regularsaver1 · 12 October 2006 at 10:32PM

I had this all with Bank of Scotland, Sainsbury's and M&S - I hadn't used them for ages and no balances on them.

But all 3 wrote to me to explain they were reducing the limit and closing. if i wanted to change my mind in the 30 days notice they all gave i was ring up to arrange.

I understand they had reserved that credit limit to me and then were wanting to offer it to someone else

Barclarcard have slashed my credit limit to £1 !!!!

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