Barclaycard platinum....

billy_the_mag

At the beginning of November 07,i applied for and received a Barclaycard,on which i had a credit limit of £3328.
After spending £1502.60 on it by 28 November,Barclaycard wrote a letter to me saying that they had reduced my credit to 1300£.They altered this limit after i had spent 1502£.When my statement came,they said i had to pay the arrears off immediatelty as there was a default charge,ie 202.60 plus my 33£ monthly balance.

I have phoned them on 2 different occasions to question as they moved the limit after i'd gone over it why should i pay default charge.They said they'd transfer the case to senior management,since when they haven't contacted me,even though originally they said they would within 48 hourd.This was last Thursday.I even phoned again Monday to be fobbed off with the same dialog,you will be contacted tomorrow.

What can i do?They've moved the goalposts and i'm getting worried even though i believe i'm not at fault here?

YorkshireBoy

Happened to a few other people recently. Check out the posts on this board over the last week or so.

In the meantime, invoke Barclaycard's complaints procedure...

http://www.barclaycard.co.uk/personal-home/customer-service/complaints/index.html

billy_the_mag

Cheers mate,have followed your advice to the letter.

chriz1000

I recently had my Barclaycard Platinum halved too! I had £14k and used almost the full amount on it fairly regularly for big purchases (always repaid within a few months) now they have cut my limit down to £7k for no reason whatsoever. I’ve never missed a payment and my minimum payment is usually over £500.
Just looks like a sign of the credit crunch to be honest.

colin_tomlinson

Like several others in this thread, today I receved a letter from Barclaycard, dated 7 Feb, stating they are reducing my credit limit on 11 Feb (2 working days' notice, which had passed by the time I received the letter). They have also stopped any cash withdrawals and "we are not prepared to reverse our decision" - yes, quote from the letter.

It then goes on to tell me to keep my spending within my revised limit, make payments on time and avoid making only the minimum repayment.

Yet I've been making only the minimum repayment (on time, by DD) for over two years. Why? Because everything on my card is on a 6.9% APR life of balance, so the more expensive debt is being cleared first!

Hiowever, Barclaycard are crazy. Now I can't use the card (credit limit slashed to 5% more than the balance, which I'll need to leave for interest etc). If I had used the card, it would have attracted interest at the usual 17.9% (which they can increase if they want to, unlike the 6.9% that is fixed) any payments would have reduced the 6.9% balance first.

Still, I feel I'm being mistreated. If I had used the card these last few days for some emergency, come Monday, I'd be over my credit limit and *BANG* overlimit charge, credit file tainted etc.

Speaking of credit files: the letter specifically states, "We have taken this decision using financial informatioin provided by credit reference agencies as well as informaiton held by Barclays." Are they allowed to do a search without my consent? I agreed to the INITIAL search when I applied several years ago, but I wasn't aware they could search again without my expressed consent. Not least, since searches themselves are recorded and lenders treat an excess number of searches with caution.

Bismarck

Hi,

sorry to hear your limit's been slashed. I'd have thought you were a customer they'd really want....lots of regular interest etc...I've got a similar plan using the LOB idea and I thought they'd be happy to leave you alone...were the cuts to your limit big? wonder what they've checked to make their "informed" decision? My limit went up recently - probably because I cleared it over Christmas as part of a shuffle......really can't work these things out sometimes!