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

firefox100
Established Contributor

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

 

 

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.

Message 1 of 30
29 REPLIES 29
K-in-Boston
Moderator

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

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.

Message 2 of 30
Remedios
Moderator

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

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. 

 

Message 3 of 30
Anonymous
Not applicable

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

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

Message 4 of 30
wasCB14
Super Contributor

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

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.

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Message 5 of 30
onstar
Established Contributor

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


@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.

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Message 6 of 30
MacCreed
Established Member

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

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

Message 7 of 30
FinStar
Moderator

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


@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? 😄

Message 8 of 30
MacCreed
Established Member

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


@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.  

Message 9 of 30
sxa001
Established Contributor

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

$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.  





Message 10 of 30
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