Barclaycard just cancelled card for no reason

daveboy

Nothing changes the bottom line.

It is their money and they are free to do as they please. If they want to stop lending to you they can.

Seems quite a few people can't grasp the fact that a credit facility is not an automatic right that must continue forever.

ians1

I just hope that people with money in Barclays can get it out tomorrow....

clio

So barclaycard are in the business of being Psychic's now. What next Dog Grooming - Selling the Big issue.
How can they make an 100% accurate prediction that he will not be able too pay later on. And did they make
this judgment when handing out cash abroad to people who ripped them off. Nah they didnt.....

ceepee1

daveboy wrote: »

The title above post number 4 is irrelevant.

Posting a copy of the letter is irrelevant.

The terms and conditions of your agreement you signed means your one man crusade against Barclaycard is, you guessed it, irrelevant.

They are the lender, they call the shots. Deal with it.

Have to ask this question as am intrigued. Is there a reason why you felt it necessary to reply to this post in the manner you did? i.e Rude, aggressive and to anyone reading..."you guessed it...irrelevant".

People come on this site asking for help and assistant. If you are not going to answer completely reasonable posts in a civil manner then please dont put the rest of us through the chore of having to read them. Thank you.

daveboy

ceepee1 wrote: »

Have to ask this question as am intrigued. Is there a reason why you felt it necessary to reply to this post in the manner you did? i.e Rude, aggressive and to anyone reading..."you guessed it...irrelevant".

People come on this site asking for help and assistant. If you are not going to answer completely reasonable posts in a civil manner then please dont put the rest of us through the chore of having to read them. Thank you.

You all continue signing agreements that give lenders this right (to close accounts) then.

You all continue to post on here when they exercise the rights you signed your name against.

I will just continue to laugh at those that do this - those that quite clearly don't understand what a contract means and don't understand its terms whatsoever.

Enjoy.

debtdestroyer007

ceepee1 wrote: »

People come on this site asking for help and assistant. If you are not going to answer completely reasonable posts in a civil manner then please dont put the rest of us through the chore of having to read them. Thank you.

well said mate, this is a forum where people come to seek advice/help and
i hope the gentleman that posted the thread got his answers,

Paul_Herring

daveboy wrote: »

You all continue signing agreements that give lenders this right (to close accounts) then.

You all continue to post on here when they exercise the rights you signed your name against.

Ah, but people generally expect a reasonable explanation as to why the account is being closed, rather than either the woolly explanations or what apparently seem to be blatant mis-truths that are usually set out in the letters sent out.

It's one thing to cancel a card because of, say, repeated defaulted payments, but when an account has been handled correctly from the customer's side, it's a bit galling to get a letter saying "we think you won't continue to keep to the T&C's" when what they really mean is "we have too much debts on our books, goodbye."

oscar52

Quote:
Originally Posted by oscar52
Quote:
Originally Posted by Paul_Herring
they've reviewed your current financial situation, and believe that you will (soon) be unable to keep repayments on your card if you continue to spend on it.

Not necessarily true.

It's exactly true. At least according to what the OP's posted. Did you not read the letter that the OP scanned in?

Quote:
OP states, uses card sometimes balance off in full, sometimes nearly in full
Ignoring the fact that the OP said no such thing (see post #4) that has nothing to do with it, from the letter.
Quote:
therefore Barclaycard make no profit on them.
Quite the opposite. If the card isn't being cleared, they're getting interest. If they're spending on the card they're also getting a cut of the transaction fees charged to the retailer.




Do you honestly think someone at Barclaycard took the time to write that letter? Its a standard template letter, click and print. We have reviewed your account and decided to close/not to reissue it. They also say they have used a "wide range of information.

I misread post #4 this may nullify my point a little on profitability, but OP didnt state how much the spend on the card - if its £100 a month, the issuer gets £1.50 in a trans fee (big deal) - if they are making fairly large payments - i.e more than 4 times minimum, this reduces the interest on the account.

Lastly, with regards to your final comment of "quite the opposite" - Do you know the actual administration costs for a credit card. - such as printing statements, card reissue, the setup costs of the account - sure there are numerous others.

Paul_Herring

Do you know the actual administration costs for a credit card. - such as printing statements, card reissue, the setup costs of the account

Do you?

The fact that the CC companies make profits would indicate that the costs concerned are relatively small, and are outweighed by the revenue generated by said interest, fees (and probably charges, which is a subject for another board... )

thriftymomma

Ultimately, the barclays "computer" works to a set of their own predetermined algorithams. Something triggered the closure. We can only guess.