Barclaycard limit reduction post covid

alfred64

• The bank said the move was due to the impact of the pandemic on the economy  

https://www.dailymail.co.uk/money/cardsloans/article-9479641/Barclaycard-tries-defend-slashing-credit-card-limits-loyal-customers.html

Alex9384

funkycredit said:

Hiya

no it's an app update. You now pick to upgrade card under card options. See image below - head to cards then select to upgrade - 

Wow, didn't know this. Thanks! I've just changed my card too.

funkycredit

Alex9384 said:

funkycredit said:

Hiya

no it's an app update. You now pick to upgrade card under card options. See image below - head to cards then select to upgrade - 

Wow, didn't know this. Thanks! I've just changed my card too.

Yea, there's no offers on platinum and I'm about to spend £3k on flights so thought I'd get some rewards out of it. 

I only seen this by accident as I was looking to add the wife as additional cardholder and noticed the new credit options so clicked in. Offered freedom rewards or rewards; I opted for standard rewards as I use Amex for my shops out with Sainsbury / Tesco / Waitrose as have the respective cards for each store! 

strawb_shortcake

My Barclaycard  limit was only £1800, had it for years to try and build up my credit score so never needed a higher limit. 

I haven't used it since December 2019 to buy tickets for a Christmas present, I was only keeping it open in case the concert gets cancelled again and I'm due a refund, but they've only reduced my limit to £1000.
My letter did say that if I used the card within a certain period or requested to keep my existing balance then they'd oblige

Naomim

sonofmerton said:

of course if you owe money on your card and the limit has been reduced, your overall credit utilisation % will go up and likely affect other lending. 

I said this on my diary. I'm carrying £7,300 on my Barclaycard @0% and they have reduced my limit to £7,600 from £13,900. It will make my credit utilisation look much higher. Then again I'm not looking to borrow anything, I always overpay the minimum and have never missed a payment so for now my credit history is fairly clean.

marenello

funkycredit said:

marenello said:

@funkycredit can I ask, when you moved from Platinum to Reward, did you have to close your account and wait 6 months? I've been told this is the process if you want to move from Platinum to Reward. Thanks

Hiya

no it's an app update. You now pick to upgrade card under card options. See image below - head to cards then select to upgrade - 

You'll then see this page - 




And once upgraded you see this - 

Thanks for clarifying, I actually cancelled my card off the back of the advice I was given by Barclaycard, so will have a hit on my credit rating. Wish I'd have known this. Looks like this has helped some other people though! 

CRISPIANNE3

I changed one of my Barclaycards to the Reward card and went though no problem. I have four of  their cards and two through migration.  Not had any notifications they are reducing my limits as yet. It may because because my incomes are guaranteed as I am now retired. Only guessing of course!

Johntea

I haven't had any notification my limit will be changing (yet!), Barclaycard Freedom Rewards with a £1900 credit limit that I've had for about 10 years now (Usually a couple of hundred quid balance on it each month paid off in full, the odd bigger purchase but again paid off in full before any interest)

The last reduction I had was several years ago when I just didn't use it at all for several months, they reduced the limit from £2000 to the £1900 I have now, never quite worked out the point of them doing that other than a warning shot!

[Deleted User]

Nebulous2 said:

mustiuc said:

I'm not starting any argument here and I'll stop with this post. 
First of all learn how cards/transactions work and how they make money and then say you beat the banks/cards.
Secondly, if some of you spent thousands each month to receive pennies as "points or rewards" and consider "beating the system/banks" then I can't have a serious conversation with you about this topic.
Personally I consider if you really have the means of spending 5-10k a month on a monthly basis, you don't really care of £30/month compared to the available money. For me the single logical thing will be poor people acting to be rich by putting everything on CC for the sake of "honey, today we got a fiver in points whilst we booked a 7k holiday we can't afford" - but virgin were generous giving us a high limit because we have a "perfect credit rating".
I prefer having 0 debt rather than "beating the system" with 25-50k on my name.

Have fun beating the system and earning 0. peanuts in interest/rewards. 

PS. Don't know why I'm so nasty today... Maybe I've seen too many of my family/friends living their life and beating the system. 

You may know about banks, and you may know some people who live beyond their means, but you don't know a great deal about human behaviour or rich people. People who have had it tough are often marked by their upbringing and find it difficult to spend.

I know a multi-millionaire, with a personal plate worth £50k and an £80k car, who will take a 3 hour bus journey, which he could drive in less than 2 hours, because he gets it free with his bus pass. 

A personal plate 50k for an 80k car lol

that seems a bit disjointed...

mum1407

I received a letter telling me that they were going to reduce my limit and gave me 3 days notice have just come out of a 0% this month.  I have always paid more than the min and always on time. If this is the way they treat their customers I am going to close the account once paid