Barclaycard Persistent Debt situation

penners324

Customer who carries debt every month for years, paying a fortune in interest and who looks gambling on dubious crypto exchanges.

I expect their risk systems are going mental.

born_again

MattMattMattUK said:

true_blue_2 said:

eskbanker said:

true_blue_2 said:
Never missed a payment, never been late in the 17 years I've had credit cards! But that doesn't seem to be enough anymore. 

Absolutely - repaying debts according to the terms of the agreement is the bare minimum and won't be seen as some sort of achievement!

true_blue_2 said:

Nah I was going to close 4 of 5 cards anyway, I used them to cover my debts while I sat on bitcoin and then sold it and paid my debts.

Many mainstream banks have issues with crypto transactions (despite them being legal, etc), so did that sale involve Barclays at all?  Presumably not if you still have a current account with them....

Nope I have a 2nd account at Lloyds for my crypto transactions. But yeah, banks don't seem to like people investing money into a market that they don't benefit from. Anyway, that's a whole different story. I'm pretty done with Barclays, but I've been told I should keep it open, as it's my oldest account (about 30 years). Cheers

It is not that. The issue is that many crypto investment platforms were fraudulent from the start, others were scams that did not even pretend to offer trading after getting someone's deposit. As these card payments were fraud the banks were having to reimburse people, deal with lots of complaints, people trying to get their money back etc. They then got into a situation with having to vet platforms so placed an overall ban on transactions to them, with a whitelist for some. If you are genuinely interested in investing the easiest way seems to be using PayPal, but you then loose the benefit if the site turns out to be fraudulent.

Only bank that would vet them would be their merchant bank, that if they use one. Given the area's & their use of 3rd party payment processers used by these. That is not a issue to them.

Your CC or personal bank has no power to vet companies.