Barclaycard

smidgey

I just got home to a letter from Barclaycard advising me that:

"Great news

We are reducing your monthly minimum payment to 1.5% of the balance starting from August

Making this change means they must also reduce my cash withdrawal interest rate to 14.9% - This is not to encourage me to withdraw cash apparently" :rotfl:

So in the last month I've had a £2,000 credit increase and now this. I get the feeling Barclaycard don't want me taking my business elsewhere.

blue35_2

your'e lucky then - most posts we see refers to how they are increasing interest and reducing limits!

smidgey

Yet I was refused a balance transfer yesterday which I don't understand?

waterwatcher

I had the same letter BUT I was refused a credit limit increase!

Bismarck

not tried a BT for a while....was turned down over the phone which was a bit of a surprise but may try again soon.

moneysavingmarrow

Had the same letter and also had purchase interest rate reduced to 13.9% and cash advance interest rate reduced to14.9%.
Much better than the letter from Virgin advising of impending rate rise.
Are we going to see the big boys going to war on charges maybe?

linda-ann

I also had a letter and my rates are going down to 8.9% and 14.9%:j

I wasn't sure if it was real until I checked out here:D

Kelly248

You are very lucky! Having made a large payment to Barclycard to almost clear the balance, I discovered when abroad that my credit limti had been dramatically reduced, after my card was declined in a shop.
On returing home I opened the letter informing me of this, dated 2 weeks previously while I was abroad, with only 3 days notice until the limit reduced! Fortunatley I was staying with a friend while in USA or I would have been in very awkward position. According to B'card this was part of their responsible lending policy and any credit limti reductions take immediate effect! I wouldnt have minded so much if I had been late with payments or if there had been sufficent notice given.
Beware then when making a substantial payment into your account of your credit limit being reduced dramatically and suddenly!

mparter

I just got a letter stating that my interest rate is going up to 24.9% :eek:

Probably because I inadvertently went over the limit, which was rectified as soon as I realised it.

I'm now going to clear the balance but I'm guessing they will reduce the credit limit.

I'll give them a call after this and see if they will drop the rate, if not, I'll close the account.

Moggles_2

Until last month, I held three Barclaycards due mergers/takeovers, but I haven't had a letter. I feel rather left out

dfh

Barclaycard's letters always leave me baffled.I was paying the minimum and they decreased the credit limit.Then I paid off a lump sum and asked for my limit to be decreased as I did not want to be tempted to spend.I received a letter asking me to reconsider as if the credit limit was decreased I could not ask for an increase for the next six months !