Barclaycard limit reduction post covid

Thrugelmir

shankadanka said:

We did take a mortgage payment last.year as my wife could not work but were told it would not affect our credit score. 

Internally banks will take a very different view.  Doubt that they even looked at your credit score. Would have simply checked what facilities you had within the banking group umbrella and subsequently have now reduced their risk exposure accordingly.  Exactly what you would expect a finance organisation to do. 

buttonmoon

Same here. Had a letter today advising met that my credit limit will be slashed from £7k to a whisper above my current balance of 2k.  I was thinking about closing my barclaycard as I haven’t had any 0% BT deals since the pandemic started. The BT deals were the only reason I kept it open as their customer service is shocking. 

teachfast

I got a 'we're closing Pingit' email today. Coincidence?

GrumpyDil

https://www.thisismoney.co.uk/money/cardsloans/article-9466801/Barclaycard-cuts-customers-spending-limits-80.html

Just happened to pop up in one of my news feeds

Edi81

The limit is not free for Barclays. 

They need to hold liquid assets to cover the chance you everyone could spend all their limit at once. 

The limit isn’t contractually guaranteed so nothing wrong with Barclays or any other provider changing them. 

RHTOD

I have also had a letter informing me my credit limit is being reduced from £10,500 to £1,500. The reason given made no sense and did not apply to me. 

‘Sorry for the inconvenience Mrs ....  . This is an instruction given to the bank by the FCA & Bank of England. The bank is reviewing all it's accounts and on a data based on the usage of the card , how the card is maintained & some other verifications , the credit limit is is reduced to stop unsecured lending. This is due to the ongoing situation. But not to worry you can request for a credit limit increase request after 4 months.’

I also pay off my balance quickly but have used it for big ticket items like holidays etc. What the point of having it now!
I’m quite cross and have registered a complaint. 

Platoon969

The limit isn’t contractually guaranteed so nothing wrong with Barclays or any other provider changing them. 

Absolutely. And likewise customers are free to close an account if it no longer serves a purpose.

Thinking about it I believe this is because I have 2 other cards with high limits (which are not being used) so the risk is likely to be from that.

chrisdg4kvi

I have now closed my account. £300 is pointless as used to for large purchases and for protection. Easy to cancel ring 08001510900 and follow the prompts.

ian16527

I've banked with Barclays since 1982. They have never been the best in compassion.
Saying that I have never had a problem with their services.

I have a Barclaycard but never use it now, but did use it a great deal 20 years ago. I only keep it for large deposits for car purchases etc so when they reduce my limit the account will be closed

cymruchris

ian16527 said:

I have a Barclaycard but never use it now

That's one of the common reasons for limit reductions.