I spoke with Customer Service who stated that a "majority" of Barclaycard Rewards Mastercard products were sold to Card Services for Mercury Mastercards. I asked if I could just trade my credit line to a different Barclaycard product but was told I could not. I am currently in the process of rebuilding so that may be a factor, or maybe they aren't allowed to trade line debt they have already sold.
As a rebuilder, I hope this doesn't reflect negatively on my credit report as a new credit line with a closed credit line, but I am afraid it is more than likely.
From everything I've read so far in this thread, I have to suspect that it's only the "builder/rebuilder" a.k.a "subprime" version of this card that will be included in this forced conversion. I have the World Mastercard version that was obtained through a product change a couple of years ago. The card was originally an Arrival Plus WEMC. The interesting thing is that I believe my Rewards Mastercard has the lowest APR out of all of my 9 other rewards cards (currently 13.74%)......and I have cards from most of the other major players such as Amex, Citi, Chase, etc. I also have an Uber Visa signature card, but the Rewards MC APR is lower than that one too.
Anyway, I'd be interested in hearing if anyone who received the letter has a World version of the card and/or obtained the card through a product change of another card that required good credit to obtain.
Also, if we lose Uber credits, how will that affect the contract with AMEX Platinum...no longer receiving $15/month in Uber credits.
No one has mentioned receiving a letter about Uber, so probably just the Rewards card.
From the link posted above:
Adding an acquisition the size of Barclaycard’s non-prime portfolio should raise Credit Shop’s profile.
And I think Rewards was their major non-prime card.
On another note,
In that March transaction, Credit Shop acquired 700,000 credit card accounts with roughly $1.6 billion in balances from Barclaycard a subsidiary of the British bank Barclays
so that's over $2k balance per account....
Well, got my letter as well. The 4 digits on the letter do not match my 2 Barclay cards (world MC and Uber).
Is Uber also being trasfered? If so, I’m wondering if the new company will keep the Uber benefits. I have $0 balance on both cards.
I’m tempted to close the cards. If I close them now, there will be no accounts to transfer to the new bank.
The card image in your signature is of the Arrival Plus WMC. Do you have the Arrival or Rewards card?