Barclaycard - You couldn't make it up

brianrobertson

I just have to tell you this story about Barclaycard. I'll give you some background first though.

Three years or so ago I was seeking to get a 0% interest balance transfer from my MBNA card that had a balance pushing £4k. I applied to Barclaycard and they granted a useless £1,100 credit limit.

Never mind. I kept both cards and plodded on. Then two years ago my wife left me and I suddenly realised that I had two choices: sort my life out or go under. So I have worked hard to get my balances down. And I've done it.

Anyway, just after Christmas my fridge/freezer broke, so I applied for one from Argos on their buy now, pay 6 months later deal. No problem. I have the date in my phone and I WILL pay it, so it is a good deal, but I had to have an Argos card and all they gave me was a £400 limit. Not exactly hugely useful either.

Slowly it sunk in that on my wage, these companies think I have too much credit available. Barclaycard aren't interested in the fact that I wanted a £4k limit to pay off and close my MBNA card. They just see themselves doubling my available credit and think I might spend it all.

So my position at the start of this month was that I had available credit on cards of £5,800. Time to act. The MBNA card was almost down to zero, to I transfered the Barclays balance to MBNA (biting the bullet on the charge) and rang Barclays to close their account. They tried to talk me out of it by telling me how well I had conducted my account and even offered my a 1% reduction on my interest!!!!! I stuck to my guns.

I then rang MBNA and asked to reduce my credit limit to £2,500. So my available credit has shrunk from £5,800 to £2,900 overnight and all I owe is about £1,300 which I hope to pay off in full by June.

A few days later I got a letter from Barclaycard confirming the closure and telling me that they would love to welcome me back sometime. Nice people!

Then a couple of days ago I get another letter from Barclays telling me that they are increasing the interest on my account from 15.9% to 20.9% from May. Now, since I don't owe them a penny and have closed my account, they can increase the interest to 500% should they wish, but what a dirty trick I just managed to avoid. Is this how they always handle well run accounts?

Do unto credit cards before they do unto you, seems to be the moral. Lucky for me, I did! :rotfl:

Brian.

[Deleted User]

Looks like the reprice letter was probably prepared before you closed the account. Just a matter of timing, that's all.

CLAPTON

if you only have (had) two cards then it was probably unwise to close one.

always good to have spare if one is rejected for random reasons.

your last letter from Barclaycard was probably part of a general bulk print and posting that was produced before you closed your account

however, well done on reducing the debt

brianrobertson

Deleted_User wrote: »

Looks like the reprice letter was probably prepared before you closed the account. Just a matter of timing, that's all.

Well, yes. Obviously it was timing, but why tell me how well I had handled my account, ask me to stay and say that I am welcome back if they have already decided to stuff me?

Seems bad practice to me.

brianrobertson

CLAPTON wrote: »

if you only have (had) two cards then it was probably unwise to close one.

always good to have spare if one is rejected for random reasons.

your last letter from Barclaycard was probably part of a general bulk print and posting that was produced before you closed your account

however, well done on reducing the debt

I don't keep my bank account close enough to the red to have to worry really. For the kind of purchases that I make, I could just slap any rejected purchase on my debit card and then make it up by doing all my day-2-day shopping on the credit card for a while once that was sorted.

Thanks! It has been hard work, but there will never be a better day in my adult life than when I see zeros for the balance of that last card. :j

Brian.

Tixy

Well presumably you would be even more welcome if you are paying them more in interest?
I know its frustrating but they probably do consider you have run your account well but at the same time a lot of companies are increasing credit card rates due to the overall increased risk of people defaulting on their agreements.