Barclaycard reduce credit limit to £700 from £12,000

RobertoMoir

wsteve wrote: »

Yes I have just paid a lump sum off the credit card about £2500 and the current balance is near enough £700.

Why do they do this closing the account, are they not making enough money from me? Why should I ever go near barclays bank ever again.....

I have just taken out a 16 month 0% with virgin card.:rotfl:

A quick search through the forums will show you're not alone.
Clearly, Barclaycard are reducing the amount of potential credit they have on their books. I doubt it's personal to you.

stephane_2

credit at the moment is a bit hit & miss. Just got my Barclaycard and been given £6,600 credit limit

Ritchie74

Credit limits, even if not used, need to be reserved against.
One of the drivers of the recession is the fact that banks did not reserve enough funds, and hence are now tightening their reserving methods. More limits out there = more the bank needs to keep reserved, hence unused limits are not desirable for the banks.
As already mentioned, if you want to make a big purchase then call the bank. Unfortunately another bi-product of the 'crunch'

rolo-polo1965

Halifax have just done this to me, reduced my balance from £8,00 to £4,000.

I only noticed when i was checking my ststement on line.

Rang them up they say i was not using it so therefore they took it away. rang them up this mporning they say if i want it increasing then i will have to get a print out of my credit check and send it to them.

I was going to use the money to pay for my daughters university fees in September, never mind. I will have to sort something else out.