Shocking treatment and marketing

CliveOfIndia

Roberto887 said:

£3000 limit down to £200

Admittedly that does seem quite a drastic reduction.

Roberto887 said:

In this world of vulnerable people that to me sounds irresponsible and quite frankly bordering on unethical. 

Two observations.  Firstly, what do you mean by "vulnerable" people?  If anything, reducing the credit limit for a customer who - for whatever reason - is "vulnerable" to using credit which they can't afford to repay is eminently sensible, and ultimately may help that person from entering into a cycle of unsustainable debt.  From that point of view, a lender is being socially responsible.

"Unethical" ?  Access to credit is a privilege, not a right.  Any lender is free to choose who they lend to, as long as there's no prejudice based upon a protected characteristic (race, sexuality, religion, etc.).

It's also worth remembering that any lender has a finite amount of credit to dish out.  Even if you always pay in full and pay no fees or interest, they make a nice steady income stream from the fees they charge the retailer every time you use your card.  If you don't use much of your available limit, they'll re-allocate it to someone who will.  They are, after all, a business looking to make money.

daveyjp

£3k to £200 puts the card into the 'not worth having' category, which may be what they want.

Maegi

Banks are not your friend; Barclays probably more so that other banks in my experience.
Can you not simply get another credit card from your current account provider? 

[Deleted User]

Barclays are very paranoid. Took me many years to simply get an overdraft and now im trying to get a barclaycard. Since covid they are very risk averse.