Re: Barclaycard Conversion Letter

Anonymous · ‎08-05-2018

I don’t have the arrival plus master card. Forgot to update, I will later. As far as the Uber card, I guess it will remain with Barclay then.

Thinking out loud... I will try to move the credit line to my Uber. I know someone earlier didn’t have good luck.

Anonymous · ‎08-05-2018

Success, I closed my Barclay Arrival World and move the entire CL into my Uber Visa.

Man-Of-Steel · ‎08-05-2018

@Anonymous wrote:
Success, I closed my Barclay Arrival World and move the entire CL into my Uber Visa.

That's great that you were able to move your CL over to the Uber card before closing it.

I find it interesting that your Arrival World MC got caught up in this conversion, as I thought it was only the Rewards MC (likely subprime versions) affected. Very interesting indeed. I might be closing my Rewards card sooner than planned, which isn't a big deal at all considering that the 2% categories are redundant compared to my Citi Double Cash card.

Anonymous · ‎08-05-2018

Speaking of citi dc. I finally pulled the trigger and was approved triple cl to the Barclays rewards mc that I’m closing this week! So Barclays can s* it.

Anonymous · ‎08-05-2018

So, I too have a Barclays Rewards card and received a letter with the inappropriate account number referenced. I called CS, concerned about fraudulent activity. They were unable to find an account in my name with that number, which was reassuring, but informed me that my Rewards account had been sold to a different bank than is listed in the letter. Very disappointed in how this transaction is being handled on both sides of the equation. I have messaged Barclay asking them to reconcile the misinformation that was distributed to me.

nicholasyud · ‎08-05-2018

received the same letter ? is there some other account that we can convert to void the transfer ?. If someone take a real look at the fine print. The new account to Mercury bank come with $89 annual fees.......

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Anonymous · ‎08-05-2018

Any reason Barclay’s would be doing this? Are they having financial troubles?

Man-Of-Steel · ‎08-05-2018

@Anonymous wrote:
Any reason Barclay’s would be doing this? Are they having financial troubles?

You might want to check out the link that LaneM818 posted in message 37 as it seems to provide some insight on the reason behind this move. Below is an excerpt from that article.

However, the U.S. and international banking regulations that emerged since the recession nudged many banks away from the subprime consumer-lending space. Duncan said Barclaycard had received a mandate from the home office in the United Kingdom to trim its non-prime assets.

longtimelurker · ‎08-05-2018

Half year profits fell 29% following, among other things, a $2B settlement with the Feds. However, the settlement was considered a win, because they were offered one for several times this amount in 2016, and successfully argued that US banks were being treated very differently from foreign ones. Without the settlement and other similar charges, profits rose 20%... See https://www.theguardian.com/business/2018/aug/02/barclays-half-year-profits-fall-29-following-settle...

But, the Serious Fraud Office are attempting to resurrect a case against Barclays over a $3B loan made to Qatar, so that might cause more trouble

But generally not in huge trouble, e.g. they are also trying to increase use of their credit cards in Kenya: https://www.standardmedia.co.ke/business/article/2001290584/barclays-launches-credit-card-promotion

So I guess they are reevaluating risks, and reducing those that seem too big.