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Not uncommon for Barclays. How long have you had the high balance?
You're being balance chased.
Sorry but you carried the balance too close to the limit for too long. Most banks/CC now use risk assessment software that tries to predict when a customer becomes a bad risk. Carrying a balance close to your limit for a long time is one of the triggers. If I read it correctly you carried it for a year? I think anything more then a few months is risky especially with banks like Barclays.
You have now entered “balance chasing” territory. More than likely they will keep reducing your limit as you pay it down. After you pay it down you can try to call and get your limit increased again. Depending on the bank you may have to take a pull to get it back up. Good luck.
Just to echo what’s already been said about balance chasing and to ask.....to you have another card you can balance transfer the limit too? It may stop the bleeding of high utilization.
Nearly the same thing happened to me last year. Got the Apple rewards card in Feb. 2018 to get a Macbook Pro and they gave me a SL of $2500. Set up auto-pay as I moved to Japan early March of last year for work and wasn't sure how difficult it would be making payments overseas. Turns out, pretty difficult as the iphone app no longer worked and I wasn't able to log in to their US website from Japan. Contacted customer service a few times and they were no help. Got a VPN and was able to log in to the US site and start making payments above the minimum. In May of last year I made a large payment that took my balance down to $1800 and a few days later they dropped my limit to $2100. Wasn't able to see the reason until I returned to the US in October, which they gave as "high balance on other revolving accounts" or whatever the wording is. Only other card of mine that had a balance was a Discover I used for my rent payments in Japan. Barclays hasn't done anything since then and I have a balance of around $300 left on the card. The only other charge I've made to the Apple rewards card is for additional iCloud storage every month.
I haven't contacted them to restore the SL as after reading about them on the forums here thought it best not to poke the bear.
Longtime lurker but posting for the first time in case my experience could prove to be useful info.
If this rumored Goldman Sachs/Apple card launches this year I wonder if Barclay's just loweing their risk if they know they won't be Apple's retail bankcard issuer going forward.