Barclaycard limit reduction post covid

mab3000

Linmin said:

I have escalated my complaint regarding this arbitrary ‘financial protection plan’ to someone with some authority at Barclaycard- as recommended to me by a VERY senior managing director of Barclays Banking. 

He informed me that there were 4 different types of letter issued, some requesting proof of income (mine was this type) I don’t know what the other letters contain. 
The ridiculous credit limits were designed to provoke an immediate response, which would indicate which customers were worth negotiating with! 

They don’t seem to like customers who have a Barclaycard without having their main income bank account with Barclays; they had been unable to verify my income since 2003....hence why I may have been selected? (He was rather concerned when I explained why I had closed my Barclays account many years ago, due to extremely poor service)
They will take 4 weeks once my proof of income (obviously higher than in 2003!) has been received to reoffer a credit limit, IF they deem it appropriate. 

He has asked me to contact him directly ( direct number) with the outcome. I will obviously be closing my account if this is unsatisfactory, but I am also very concerned that this sudden credit reduction and subsequent closure will impact my exemplary credit history? I will grill him accordingly! 

I was apparently the first feedback he had received at this point, so I told him I was certainly speaking on behalf of a great many customers, I considered this initiative to be both insulting AND patronising. I rather felt he agreed! 

Customers who have their main accounts with Barclays are part of this credit limit review. 

This “very senior managing director of Barclays Banking” is probably a managing director of a completely different part of the bank not connected with retail banking or Barclaycard, and probably doesn’t really know what are the going’s on with that side of things.

They will review your credit limit from the income information you provide and set an appropriate credit limit for you. I wouldn’t hold your breath for any other outcome different to that. 

phillw

Linmin said:

The ridiculous credit limits were designed to provoke an immediate response, which would indicate which customers were worth negotiating with! 

They will take 4 weeks once my proof of income (obviously higher than in 2003!) has been received to reoffer a credit limit, IF they deem it appropriate. 

I don't think it's obvious that your income will be higher than 2003, we've been through the 2008 GFC and covid 19 since then.

I doubt they are too worried about negotiating, all the extra paper work will require them to earn even more money off you.

Rich2808

Not specifically about Barclaycard credit limit reductions but the fact my Barclaycard's don't seem to work for very long.

Got a new card last October - it lasted two months and stopped working in chip and pin readers in every shop. Ordered a replacement which arrived in January - now stopped working again in chip and pin readers - contactless is fine but of course you will be asked for your pin occassionally so it will become useless.

Has anyone found this issue with their newer cards - they just don't last very long? Or is it just bad luck on my part that both have only lasted a few weeks.

Barclaycard will issue me with a new one - but its a pain as they cancel the existing one and you have to wait a week for the replacement to arrive.

SuperAllyB

Got my new one last June I think and never had a problem.

sonofmerton

despite the moans on here and social media the one fact remains, no one is entitled to any credit, regardless of their made up score, always paying in full or not or having no missed payments or not. 

i've seen it all on social media and real life from 'don't they know who i am' to 'discrimination' and 'my kids are now starving'.

the reality is that with no credit at all, most would never own their own home or have a brand new car or that holiday in florida with all the family or even a basic washing machine. but again, no one is ever entitled to the aforementioned on credit. 

if a company chooses to refuse you credit or reduce it or even increase it they can and annoyingly for many, without ever giving a reason. 

for the record i have several 'cards'. occasionally used and paid off. i'm not entitled either in any way shape or form.

aside from mortgages, we need to get away from the sense of entitlement of credit. only then will we see what i want to see, a world population that buys what it can afford not afford what they have been loaned.  new section 75 rules for debit cards being introduced wouldn't go amiss either. 

  

SnowTiger

sonofmerton said:

aside from mortgages, we need to get away from the sense of entitlement of credit. only then will we see what i want to see, a world population that buys what it can afford not afford what they have been loaned.  new section 75 rules for debit cards being introduced wouldn't go amiss either. 
  

74 year old with PPI — MoneySavingExpert Forum: 

After claiming and winning my PPI complaints...

Hmmm. I guess you also find it difficult to avoid borrowing money to buy shiny things you cannot afford.

mustiuc

@sonofmerton
Amen.

but bear in mind people always "need" new things and they "deserve" it for the "hard work" they've done (which to me sounds hypocrisy... If you work hard you can afford, innit?)
It's always hard to understand some actions when you don't have debt mentality - or normal to you is different than others normal. 

easterbunni

I'm assuming Barclaycard aren't planning to reduce my limit given that they've sent me an email saying I should book my summer holiday using my Barclaycard...

CRISPIANNE3

Nothing from Barclaycard as yet. However last year they did say they wanted reduce one of my limits to £1,000 but if I used the card the limit would remain intact. 

phillw

easterbunni said:

I'm assuming Barclaycard aren't planning to reduce my limit given that they've sent me an email saying I should book my summer holiday using my Barclaycard...

Maybe they mean vacationing in your own home...