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

Miss_Penny_Pincher_2

I'm with Amex and currently owe £1,300 on it - I hope they don't reduce the rate out of the blue!

I received a letter the other day raising my credit limit on a different card to around £8,500! that is ridiculous since the most I have ever owed on the card is around £500!

MABLE

Sorry I just find it incrediable that Barclaycard would reduce the limit to £1.00.
They have a min credit limit and it certainly is not £1.00. Also if this was correct why has the original poster not come back on the board with a fuller explanation after contacting BC.

xzibit

On the back of my B/C bill, in the small print, it says the minimum credit limit is £250, and maximum is up to them.
Surely this is a mistake.

suefink

Its not a mistake, they have reduced my limit to one pound and the account is now being closed. MABLE - I did update this post a few days ago with this info (13/10). When I called CS they said I had not been spending on the account regularly enough (this was my emergency card!). I dont have a problem with them closing the account as i rarely used it anyway, just annoyed at the fact they suddenly reduced my limit without telling me, and would have put me in a sticky situation if i had an emergency!! I just wanted everyone to be aware this could happen. i'm still waiting for a letter or email telling me of this change, or atleast confirming my account will be closed!!!

It seems that due to the new "responsible lending" stuff, the credit cards are only interested in people they can make money out of as NETWALK suggested. Its been happening to to other cardholders like AMEX too so i dont think it has anything to do with my credit rating, as i checked it recently and nothing has changed since then.

Gordon_the_Moron

They owe you £1 something then, spend a penny more than that using a self service Tesco checkout (you can spend exactly the figure you want as I said, part card and part cash payment)

Pay the balance off buy cheque when you get a bill for a penny and do it again each and every month.

TBeckett100

I can see their point, say thousands of dormant cards out there unused would mean a lot of money has to be kept in reserve to cover your purchases. also dormant cards tend to get lost as well which means more chance of fraud.

i wrote to barclaycard to ask them to make my payments £50 a month. they were usually £36 but they took it as financial trouble, stopped my interest, registered an arrangement with experian and dropped my limit to zero! nice bunch of bankers

MABLE

TBeckett100 wrote:

I can see their point, say thousands of dormant cards out there unused would mean a lot of money has to be kept in reserve to cover your purchases. also dormant cards tend to get lost as well which means more chance of fraud.

i wrote to barclaycard to ask them to make my payments £50 a month. they were usually £36 but they took it as financial trouble, stopped my interest, registered an arrangement with experian and dropped my limit to zero! nice bunch of bankers

I have a 2.9% balance transfer deal with them on £8000. I have paid £5200 off and usually pay a fixed amount of £120 per month instead of minimun payment. However I phoned them last week and ask them to make a fixed payment of £65.00 as the interest per month is very low. However reading your post I hope they dont think I am in financial difficulties. This was done because I can make better use of the difference.

techno_geek

I have three student CCs and (prior to reading this post) didn't use one of them - my Student Barclaycard - as I was keeping it as an emergency-use-only card... I think i'll just have to take it down the off-licence once a month to keep the evil ones at Barclays from reducing my limit!!

msaquib

I have checked my baclaycard today and they have reduced my limit to £2990from £5000. I never been over my limit, always paid in time. Has anyone managed to change the limit to the previous one?

MS

weenock

Barclaycard have just dont something similar to me. I have had a small limit of £700 for about 3-4years. Most of the time the least on the card has been £400, bu recently i cleared it and vowed to only use it for pruchases that i would use the card for to make use of the added protection of buying on a credit card. Although in the past i have had late payments, in the last 12 months i have sorted my finances out and am trying to be savvy - no late payments, balance settled in full etc.

I went to buy something on Tuesday 17th, for £50 when i knew i was on about £220-230 used with a £700 limit. That payment went through no problem, but a later payment of £30 was refused online, and i figured maybe i had the online password wrong.

Checking online that night i found that my limit had dropped from £700 to £260! When i called Barclaycard the next morning they informed me that they had changed it on the 16th and sent me a letter - the fact that on the 17th it would be impossible for me to have seen the letter as i leave for work before out post comes doesn't matter to them.

With the payment i made for ~£45 i ended up £14 or so over my limit which was why the second payment was refused, and on the phone they would not be able to do anything about it until i had paid them to bring myself below the limit, and that would not be until cleared funds.

I intend on writing a strongly worded letter of complaint - the first person i spoke to on the phone made no mention of this, but the second person told me that they should have informed me by letter in advance so "sorry but tough" was the gist of it!

I could easily have been away, unable to check online, i nearly paid £400 for something on the 16th, which would then have left me £350 over my limit. The cheek of them was that they told me they would waive the fees - when it was their fault i ended up over the limit.

I don't know what magic fairy postal system Barclaycard think that they are using which delivers post to people immediately but it isn't anything like the one that comes to my door.

Total joke !