topic Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders. in Credit Cards

Barclay's must think there customers are stupid and desperate acting like pay day lenders.

firefox100 — Tue, 20 Oct 2020 19:49:52 GMT

Hi yesterday I got an email from Barclay's bank about my Uber creditcard which has credit line of 12K. In the email there was an offer for balance transfer or to have cash deposit dircetly into your checking account. I said great I would take 2K out for quick loan. The email said you can use the money for any thing or to take care of bills, the small print said there is a 4 Percent transaction fee with mo max and the zero percent would exir in July 2021 months later. This is not the usual 3 percent offer and 15 month term. The ring mastercard still does not have any offers, will not take the offer. This is so bad on so many reasons do this times any one who takes this offer must be disperate and will get into trouble paying back balance transfer.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

K-in-Boston — Tue, 20 Oct 2020 19:57:39 GMT

Promotional offers change all the time. 4% fee for 0% APR for 9 months is significantly better than the standard balance terms on almost every credit card available. While it may not be ideal for you, that is not at all a payday loan.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

Remedios — Tue, 20 Oct 2020 19:57:59 GMT

I don't understand, it's not like you have to take it.

It's a BT offer, and it is what it is.

Some lenders have stopped doing them altogether, so if you're looking for a sweet BT offer, look elsewhere.

You really shouldn't call anyone desperate. You were willing to pay 3%, but not 4%.

That's $20.00 difference, and you even stated "quick loan".

I'd dare to say that 9 months falls under "quick".

There really isn't any need to bash Barclay over the offer you don't have to accept, or use certain epithets to describe those who would take it.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

Anonymous — Tue, 20 Oct 2020 20:05:44 GMT

Even if not needed, getting any kind of balance offer during covid times is somewhat of a compliment.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

wasCB14 — Tue, 20 Oct 2020 20:13:27 GMT

For SUB chasers to get bonuses and banks to still be making make a healthy profit, a lot of people must still be carrying balances at high APRs.

To them, that might be a pretty attractive offer.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

onstar — Tue, 20 Oct 2020 20:17:41 GMT

@Remedios wrote:
You really shouldn't call anyone desperate. You were willing to pay 3%, but not 4%.
That's $20.00 difference ...

This.

Also, consider these stats: (1) Over 50% of Americans who own credit cards carry a balance, (2) including 10% who carry more than $5000, and (3) the average APR on credit cards is 17.73%. For most Americans with credit cards, looks like it would be stupid to NOT take that BT deal.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

MacCreed — Tue, 20 Oct 2020 20:18:57 GMT

You got it exactly right that they are targeting desperate people. beggars can't be choosers.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

FinStar — Tue, 20 Oct 2020 20:37:36 GMT

@MacCreed wrote:
You got it exactly right that they are targeting desperate people. beggars can't be choosers.

So, by your definition, is @firefox100 considered to be a desperate customer by Barclays based on the targeted offer? 😄

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

MacCreed — Tue, 20 Oct 2020 20:40:49 GMT

@FinStar wrote:
@MacCreed wrote:
You got it exactly right that they are targeting desperate people. beggars can't be choosers.
So, by your definition, is @firefox100 considered to be a desperate customer by Barclays based on the targeted offer? 😄

If they took it, yes.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

sxa001 — Tue, 20 Oct 2020 20:52:57 GMT

$80 to borrow $2,000 for 9 months isn't bad. I see Discover is offering the same right now. While I am hope that I will never again be in a position where I am considering predatory lending, this is a far cry from predatory lending. This is a good offer, IMHO.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

Remedios — Tue, 20 Oct 2020 21:07:26 GMT

@MacCreed wrote:
@FinStar wrote:
@MacCreed wrote:
You got it exactly right that they are targeting desperate people. beggars can't be choosers.
So, by your definition, is @firefox100 considered to be a desperate customer by Barclays based on the targeted offer? 😄
If they took it, yes.

Before we continue, would you please define "beggar" for the class or is this going to fall under standard *Fly by, take pleasure in someone else's misery, snide remark, check out* modus operandi

https://ficoforums.myfico.com/t5/Credit-Cards/Master-Capital-One-CLD-Thread/m-p/6120026#M1741693

https://ficoforums.myfico.com/t5/Credit-Cards/Comenity-shutting-down-Wayfair-Credit-Card/m-p/6138183#M1745748

https://ficoforums.myfico.com/t5/Credit-Cards/Master-Synchrony-Account-Closure-Thread/m-p/6120024#M1741692

https://ficoforums.myfico.com/t5/Credit-Cards/Master-Synchrony-Account-Closure-Thread/m-p/6097609#M1741167

https://ficoforums.myfico.com/t5/Credit-Cards/Synchrony-closed-all-accounts/m-p/6065022#M1729644

Seems awfully middle school(ish) to me to log in just to go "neener neener"

Surely you didn't call everyone who took a BT names. Or, did you?

Also, on a more official note, pay attention to forum TOS, FSR in particular.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

FinStar — Tue, 20 Oct 2020 21:08:12 GMT

@Remedios wrote:
I don't understand, it's not like you have to take it.
It's a BT offer, and it is what it is.
Some lenders have stopped doing them altogether, so if you're looking for a sweet BT offer, look elsewhere.

You really shouldn't call anyone desperate. You were willing to pay 3%, but not 4%.
That's $20.00 difference, and you even stated "quick loan".
I'd dare to say that 9 months falls under "quick".

There really isn't any need to bash Barclay over the offer you don't have to accept, or use certain epithets to describe those who would take it.

To add further context on this, opportunities can present themselves in a variety of ways for different individuals and if this BT offer makes financial sense for someone so be it.

@firefox100, this could be seen in a similar way when comparing your recent SYNCB JCPenney CLI to the tune of $20K. Conversely, an outside observer could perceive that as a non-prudent action given their astronomical APRs (absent any long term finance offers). We know you probably wouldn't use it, but you took advantage of the CLI situation because you could even if you didn't need the CLI. Again, it's all about different opportunities people can leverage for their own benefit, financial or otherwise.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

firefox100 — Tue, 20 Oct 2020 22:01:13 GMT

Ok some you guys sound like you work for the banks, I seen others bash Barclay's for how they do business like starting credit products and year or two later shut them down year or later. No one said anuy thing about that. I think it is better not offer any balance transfers then try to get high intrest rates and put customers in a worse shape. Just for info Discover sent me offer 3 percent for 12 months or no transaction fe with intrest rate of 4.99 percent for 15 months. The 4.99 percent offer is the out standing balance and if you pay it off in couple of months then you pay much less.is 0.4158 percent per month.For example if you took a loan from Discover for 2K you would pay $8.32 for first month and if held the same balance for 9 months you would pay intrest of 75 dollars. You would come out head with Discover because you are only paying intrest on out standing balance.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

CreditCuriosity — Tue, 20 Oct 2020 22:27:23 GMT

Not really excellent offer being 4.99% for 15 months as all is relative as comenity majors with BIG cl's like you like offers 15 or is it 18 months month at $0 fee and 0% APR bt's offered usually every year and sometimes many times a year so in comparison Discover is ripping you off, right?

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

CreditMagic7 — Tue, 20 Oct 2020 22:33:59 GMT

Its for quite some years a well know MO of Barclay's that they can be as finnicky as they come. I always treaded and walked a very fine line when i sported their cards, including the once famous RING CARD. A cardholder can inadvertently easily trip them up and hair trigger a hawkish WATCH flag and it won't take much. Even more so with the current environment we all find ourselves in now.

I would avoid a BT from them like the plague but that's just me. I've exercised that option with them before on a different Barclay's Card and ushered the payback in no more than 2 months at tops simply because their system is so unpredictable a lot of times. Nice appearing offer maybe but what lurks?

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

Anonymous — Tue, 20 Oct 2020 23:45:27 GMT

I'm begging to find out what stupid customer is desperate enough to not take the offer.

I get a ton of BT offers of varying lengths. I don't use them but the first thing I check is the fee. I mostly see 4%, sometimes 3%. Barclays seem to be competitive with other lenders during these times. And an added bonus is its direct deposit.

If I got that offer, except at 0%, I would take it (I mean it), even though I don't need or want such an offer, so its actually a very good offer for those who do need it.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

Anonymous — Tue, 20 Oct 2020 23:53:12 GMT

@firefox100 wrote:
Ok some you guys sound like you work for the banks,

Busted! My manager told me not to point out the amusing misuse of "there customers" while calling the bank stupid, as it would be "elitist" So I won't.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

blindambition — Wed, 21 Oct 2020 17:40:44 GMT

@firefox100 wrote:
Ok some you guys sound like you work for the banks, I seen others bash Barclay's for how they do business like starting credit products and year or two later shut them down year or later. No one said anuy thing about that. I think it is better not offer any balance transfers then try to get high intrest rates and put customers in a worse shape. Just for info Discover sent me offer 3 percent for 12 months or no transaction fe with intrest rate of 4.99 percent for 15 months. The 4.99 percent offer is the out standing balance and if you pay it off in couple of months then you pay much less.is 0.4158 percent per month.For example if you took a loan from Discover for 2K you would pay $8.32 for first month and if held the same balance for 9 months you would pay intrest of 75 dollars. You would come out head with Discover because you are only paying intrest on out standing balance.

Choosing a lender, not choosing a lender, taking a product, not taking a product... These are all the choice of a consumer.

There are many options out there. Although your options are shrinking, with all your complaining about lenders. From your spending and reporting on other threads, consider yourself lucky offers appear. Many aren't getting any!!!

It takes waay more energy to put negativity in the world, appreciate the positivity a little!!!

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

Anonymous — Wed, 21 Oct 2020 17:41:43 GMT

TBH, this isn't the worst offer I've ever seen. Barclays may be finicky, quirky or whatever people call them but I don't consider people who need to take advantage of this offer stupid if it saves them Money on interest. 0% is much better than the standard rate on most CC's even with the 4% BT fee. So for anyone who is carrying a balance at higher rates it would be helpful.

And despite the length of any offer the Bank is still hoping you don't pay it off in time so that they can charge all that back interest. None of them are exactly Mother Teresa handing out free Money, there are always strings attached.

Re: Barclay's must think there customers are stupid and desperate acting like pay day lenders.

AverageJoesCredit — Wed, 21 Oct 2020 19:54:46 GMT

Having a bt with 4% fee is not that bad. Better rhan not having any bt. Sorry to say, but there are many who do need something like this right now and if i had had it would definetly trade a 4% fee for x amount of months at 0% apr.