topic Re: Luxury Card “offer” in Credit Cards

Luxury Card “offer”

krmurrayjr10 — Sat, 19 Aug 2023 22:02:59 GMT

I was on Experian's website today to check on a dispute and, on a whim, clicked through to credit card offers.

I was surprised to see all three of Barclay's "luxury" cards listed there. Are they desperate for cardholders? I clicked on their "Black" card to see what terms they're offering these days, and was surprised to see a fixed APR on the rates/fees disclosure, especially an APR that's 1% lower than the lowest of the three rates they publicly disclose on their website.

To my question: is this just an outdated rate sheet or is Barclays really trying to reel me in? I had as many as three of their cards several years ago, but closed them all in 2020 after the limits were reduced at the start of the pandemic.

Re: Luxury Card “offer”

FireMedic1 — Sat, 19 Aug 2023 23:10:05 GMT

Probably marketing. Yes even the CRA's are in the referral market.

Re: Luxury Card “offer”

Aim_High — Sun, 20 Aug 2023 01:08:06 GMT

I wouldn't say Barclay's Luxury Card is desperate but they market to consumers just like other cards. Actually, I see a lot less marketing from them than I do from other lenders. But they have to put their name out there sometimes. While they strive for that mysterious upscale image, they aren't the AMEX Centurion card. From what I've seen, the Luxury cards aren't truly awful but they seem overpriced compared to the competition from what I can tell. I think their ads are misleading about the value they pack. For example, they tout their 1.5% cash value over 1% for CSR and 0.6% for AMEX, but CSR can earn the same when coupled with CFU if someone wants the option for higher UR cash redemption. And AMEX can earn 1.1% with a Charles Schwab Platinum. For airfare redemption, they compare their 2% to Chase's 1.5% in-portal rate but disregard the ability with CSR to transfer to airline or hotel partners for higher value, the ability to earn higher than 2% on dining or travel spending, and other variables.

But the cards are some of the heaviest and most 'impressive' metal cards available to the general public, weighing in at 22 grams. And reports that they give super-sized credit limits have surfaced. We had one member who is no longer on the forums who was a physician with a side business in real estate rental properties. He claimed his Titanium Luxury Card credit limit had climbed to $330,000. (See this post.) I just got the Barclays Aviator Red and have thought of applying for the Luxury card just out of curiosity to see what CL they would offer. DW has had an Aviator Red longer than I have had one and she got a snail-mail solicitation for the Luxury Black card. We don't hear much about them on the forums. I imagine we have members who don't want to have to defend carrying the card to its many critics. I've seen postings from those who have it who say the hotel travel benefits have added value (up to $500 per stay.) And there are other Mastercard benefits that can add value like Priceless Golf, Shop Runner, Lyft credits, and cell phone insurance.

Re: Luxury Card “offer”

C6 — Sun, 20 Aug 2023 03:06:44 GMT

I wouldn't trust them. I had a Barclay's card back around 2008. The interest rate was around 4%. As soon as I used about $6,000 of a $20,000 limit they reduced my limit and balance chased me. The luxury cards have high fees and few benefits. I think the Venture X and Sapphire Reserve are far superior products. There are a few posts on this site about poor customer service. I looked at the offers on Experian and when I clicked through the rate was 20.24. My Experian is frozen so I don't think I'd get a pre-approval.

Re: Luxury Card “offer”

SouthJamaica — Sun, 20 Aug 2023 04:03:24 GMT

@C6 wrote:
I wouldn't trust them. I had a Barclay's card back around 2008. The interest rate was around 4%. As soon as I used about $6,000 of a $20,000 limit they reduced my limit and balance chased me. The luxury cards have high fees and few benefits. I think the Venture X and Sapphire Reserve are far superior products. There are a few posts on this site about poor customer service. I looked at the offers on Experian and when I clicked through the rate was 20.24. My Experian is frozen so I don't think I'd get a pre-approval.

Agreed. Barclays is not trustworthy.

Re: Luxury Card “offer”

GreatLife — Sun, 20 Aug 2023 05:04:20 GMT

Last year my spouse received a "preapproved" mail offer for the AMEX black card. We know what our household earns so just laughed and put it thru our shredder machine. 🤭

Re: Luxury Card “offer”

ptatohed — Sun, 20 Aug 2023 09:03:37 GMT

$495 AF? Really?

https://www.luxurycard.com/blackcard

Re: Luxury Card “offer”

coldfusion — Sun, 20 Aug 2023 12:55:53 GMT

@ptatohed wrote:
$495 AF? Really?

https://www.luxurycard.com/blackcard

Check out the AF on the Gold card.

Re: Luxury Card “offer”

Anonymous — Sun, 20 Aug 2023 13:49:29 GMT

@ptatohed wrote:
$495 AF? Really?

https://www.luxurycard.com/blackcard

"For a family moving to Denver, Luxury Card Concierge determined the best school districts and narrowed their home search."

I'm not quite sure I would use a Concierge to even have input into that sort of decision! But I guess if you have absolutely no time to look into important things....

Re: Luxury Card “offer”

CreditCuriosity — Sun, 20 Aug 2023 13:53:26 GMT

@Anonymous wrote:
@ptatohed wrote:
$495 AF? Really?

https://www.luxurycard.com/blackcard

"For a family moving to Denver, Luxury Card Concierge determined the best school districts and narrowed their home search."

I'm not quite sure I would use a Concierge to even have input into that sort of decision! But I guess if you have absolutely no time to look into important things....

Wow thought you were making that up then clicked link and it did say that. Whether luxury Card is lying or the person is incredibly lazy and dumb I am not sure lol

Re: Luxury Card “offer”

krmurrayjr10 — Sun, 20 Aug 2023 15:26:46 GMT

That all confirms my suspicions, because the rate being shown to me is 20.24, which is lower than the 3 rates that Barclays shows on their website.

As I said originally, I didn't care much for Barclays when I had several of their cards, especially when they gave me several large increases at the beginning of 2020 before taking them right back a few months later. When I called to close the cards, the automated system was happy to close them, without getting a human on the phone to try to talk me out of it. Good riddance!

Re: Luxury Card “offer”

coldfusion — Sun, 20 Aug 2023 15:42:52 GMT

@CreditCuriosity wrote:
@Anonymous wrote:
@ptatohed wrote:
$495 AF? Really?

https://www.luxurycard.com/blackcard

"For a family moving to Denver, Luxury Card Concierge determined the best school districts and narrowed their home search."

I'm not quite sure I would use a Concierge to even have input into that sort of decision! But I guess if you have absolutely no time to look into important things....
Wow thought you were making that up then clicked link and it did say that. Whether luxury Card is lying or the person is incredibly lazy and dumb I am not sure lol

Given that being a cardholder would be a prerequisite to being able to leverage a concierge I know which way I'm leaning......

Re: Luxury Card “offer”

Kforce — Sun, 20 Aug 2023 19:18:09 GMT

@SouthJamaica wrote:
Agreed. Barclays is not trustworthy.

I disagree on this one.

Many forum members have had problems, however we are not the norm.

Most consumers do not average 7 new cards a year, have 10+ inquiries and

cary BT's on 4 cards.

Had two Barclay cards, nice web page, good rewards, CL increases, no issues at all.

Would not hesitate to have another card with them.

They just don't have any card that is good for my spend.

I however have a more conservative, less card seeking profile than many on this forum.

My 2c would be, they do look at your profile.

Not an issuer for those collecting cards as a hobby