Barclaycard limit reduction post covid

Marmaduke123

Cancelled mine today via chat. We only use it for holidays so no great loss, but will be looking for a replacement with no foreign transaction fees. Already have Halifax Clarity, so any suggestions?

alfred64

It hasn't been all that long ago when Barclaycard couldn't do enough in attempts to try and persuade people not to close their credit card.
£50 bribes were common, along with late payment fee and charged interest cancellation. 

Thrugelmir

onlyfoolsandparking said:

Barclaycard=RUTHLESS

Going by the tone of this thread I would think Barclaycard will lose 1000's of customers going forward, will they care, probably not!!  

Sounds as if a lot of people are in need of therapy judging by the over reaction to the action. 

onlyfoolsandparking

Thrugelmir said:

onlyfoolsandparking said:

Barclaycard=RUTHLESS

Going by the tone of this thread I would think Barclaycard will lose 1000's of customers going forward, will they care, probably not!!  

Sounds as if a lot of people are in need of therapy judging by the over reaction to the action. 

Sounds like your judgement has failed this time, never mind, at least your familiar with the option of therapy.   

The_Real_Cheddar_Bob

£9k limit on my BC. £0 balance. No letters. Mortgage, current account and joint account with Barclays. 

bamgbost

Mines was reduced back in Jan... but from 4 k to 2k. not as drastic as some here. But seems to be a trend

sonofmerton

onlyfoolsandparking said:

Barclaycard=RUTHLESS

Going by the tone of this thread I would think Barclaycard will lose 1000's of customers going forward, will they care, probably not!!  

i would say that for them it is good business. reducing their potential liabilities v how much they are making currently from those who's balances have been reduced is likely a no brainer.

i have no doubt that other companies will follow suit in the same way. 

phillw

sonofmerton said:
i would say that for them it is good business. reducing their potential liabilities v how much they are making currently from those who's balances have been reduced is likely a no brainer.

i have no doubt that other companies will follow suit in the same way. 

I wonder if it's in preparation for negative interest rates. Assuming they need money sitting around to lend you in case you use some of the high credit limit. It's unlikely they would want to pay for that.

onlyfoolsandparking

sonofmerton said:

onlyfoolsandparking said:

Barclaycard=RUTHLESS

Going by the tone of this thread I would think Barclaycard will lose 1000's of customers going forward, will they care, probably not!!  

i would say that for them it is good business. reducing their potential liabilities v how much they are making currently from those who's balances have been reduced is likely a no brainer.

i have no doubt that other companies will follow suit in the same way. 

I wouldn't class it as 'good business' lending is how banks make money, it may have more to do with the fact that bank lending is way down and will likely go down more as there appears to be more appetite for consumers to deleverage debt.

I wouldn't assume Barclaycard are in any way more exposed than other big banks. The volatility in markets is strange at the moment, high PE stocks are trending down BUT so are bonds, especially 10 year bonds and this doesn't make sense. Maybe Barclays believe that hyper inflation is on the way as this is what is concerning everyone, will it happen, maybe but I have no doubt that not every other company will follow suit. Even with higher inflation there is still money to be made for banks so Barclaycard whilst lowering their exposure with their customer cull also risk losing money.   

onlyfoolsandparking

phillw said:

sonofmerton said:
i would say that for them it is good business. reducing their potential liabilities v how much they are making currently from those who's balances have been reduced is likely a no brainer.

i have no doubt that other companies will follow suit in the same way. 

I wonder if it's in preparation for negative interest rates. Assuming they need money sitting around to lend you in case you use some of the high credit limit. It's unlikely they would want to pay for that.

I can't see negative interest rates coming anytime soon for us consumers, inflation is already on the way up and that means higher interest rates. The best we can hope for is slow rises. The 10 year fiscal and now the monetary stimulus with the Covid we're currently in cannot continue indefinitely.