Barclaycard Conversion Letter

[Anonymous]

...good for those with the profile who want or need for the cl to remain but a hassle for those who do not....to be fair.

[jl4]

Either that or they don’t know their own company sold the accounts.

[Anonymous]

? I’m pretty sure this isn’t a scam. Articles everywhere of this happening. Just some of us were unaware until googling for facts related to the sell off. Barclays has a script for this. I just got off the phone w them.

[Anonymous]

I received the letter today also. Been with Barclay almost 3 yrs no lates, $0 balance the past 3 months. It looks like all the posts are carrying $0 balances here. Maybe they are selling off the accounts they aren’t collecting interest on? I sure wish they would have told me this last week before I took a hard pull for a CLI denial lol!
I’ll keep it open and see how it goes. None of us should be upset about losing Barclay. Let’s face it, if your like me and used them as a stepping stone to build credit and now hold better cards with real CL’s it can’t possibly get worse then them!!

[jl4]

FWIW, they’re collecting interest from me. Mine is the subprime-ish Rewards Mastercard.

[Man-Of-Steel]

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@Anonymous wrote:

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.

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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.

[Anonymous]

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.

Thoughts?

[Anonymous]

Also, if we lose Uber credits, how will that affect the contract with AMEX Platinum...no longer receiving $15/month in Uber credits.

[longtimelurker]

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@Anonymous wrote:
Also, if we lose Uber credits, how will that affect the contract with AMEX Platinum...no longer receiving $15/month in Uber credits.

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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....

[Man-Of-Steel]

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@Anonymous wrote:
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.

Thoughts?

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The card image in your signature is of the Arrival Plus WMC.  Do you have the Arrival or Rewards card?