Barclaycard Conversion Letter

[Anonymous]

Hey, I recieved the same letter today as well.

[Anonymous]

Got this letter today as well, I dont use this card at all, and don't need a subprime bank showing on my report. I applied for the WF Propel and will be calling Barclay in the morning to cancel.

[Anonymous]

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@grower1 wrote:

https://www.wsj.com/articles/barclaycard-sells-1-6-billion-in-risky-credit-card-balances-to-credit-s...  

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Confused ... in this thread we are talking about a bank (no one had heard) of issuing/backing the Mercury MasterCard and then someone by the name of Credit Shop out of Texas  acquiring $1.6 Billion in sub-prime near prime Barclay customers. What gives?

[Anonymous]

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@Anonymous wrote:

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@grower1 wrote:

https://www.wsj.com/articles/barclaycard-sells-1-6-billion-in-risky-credit-card-balances-to-credit-shop-1490554987   

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Confused ... in this thread we are talking about a bank (no one had heard) of issuing/backing the Mercury MasterCard and then someone by the name of Credit Shop out of Texas  acquiring $1.6 Billion in sub-prime near prime Barclay customers. What gives?

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My (possibly incorrect) understanding is that Credit Shop owns the Mercury Mastercard brand, which will replace the Barclays Rewards Mastercard. This will apparently be Credit Shop's first foray into the credit-card field; they'd previously mostly been known as a personal-loan issuer.  From news articles I've read (Google "Barlcays sells credit card portfolio"), Barclays isn't selling its co-branded cards (aside from, of course, Apple), but is getting rid of its subprime/near-prime card portfolio due to recent legal and regulatory troubles in the UK (where it's based) and elsewhere.

Also, of note is that several Credit Shop executives are Barclays/Barclaycard veterans, not completely dissimilar from how former Capital One personnel founded Ollo. It may also be relevant that missed/late payments on cards, 30-day and 90-day, seem to be up at Barclays this year. As has been discussed here and elsewhere, a number of investors and lenders are worried that a negative turn in the overall credit card market is on the way, which may help explain why standards are tightening at many issuers lately on approvals and CLI's.

[Riopratap]

Last four digit that are being sent in mercury paper is number of new mercury card, that’s what mercury people told me.

barclays told me to apply new card and they will give me higher credit limit and transfer old card limit to new one but I don’t think I will apply New with them, there are plenty of cards in market and why to get screwed by a Uk based bank.

[Anonymous]

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@Riopratap wrote:

Last four digit that are being sent in mercury paper is number of new mercury card, that’s what mercury people told me.

barclays told me to apply new card and they will give me higher credit limit and transfer old card limit to new one but I don’t think I will apply New with them, there are plenty of cards in market and why to get screwed by a Uk based bank.

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The impression I'm getting from all this (Mercury assigning new account numbers and Barclays not informing current accountholders of that fact, etc.) leads me to form the impression that this entire process has not been particularly well-planned.

[gdale6]

Appears my Rewards card that was converted from Commence and originally Sallie Mae is remaining with Barclays. I opened this account in 2015 and was free of any derog on file at the time and I received the lowest interest rate possible. I was able to reallocate CL from Arrival + to my Rewards and close the former. I was also going to blast the Rewards this month but in light of all this I have decided not to make any moves on it till a later date.

[Anonymous]

Just a follow up for everyone on this thread, I called Barclaycard this morning to cancel since I don' want to be converted to the mercury card. 

I never spoke to a live person. It was all through the RoboLady on the phone. She asked why I wanted to cancel and the only options were: I don't use it/too many cards/too high APR, so it doesn't seem like they even care that eople are cancelling before it goes to mercury card.

[UpperNwGuy]

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@gdale6 wrote:

Appears my Rewards card that was converted from Commence and originally Sallie Mae is remaining with Barclays. I opened this account in 2015 and was free of any derog on file at the time and I received the lowest interest rate possible. I was able to reallocate CL from Arrival + to my Rewards and close the former. I was also going to blast the Rewards this month but in light of all this I have decided not to make any moves on it till a later date.

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How do you know that?

[gdale6]

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@UpperNwGuy wrote:

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@gdale6 wrote:

Appears my Rewards card that was converted from Commence and originally Sallie Mae is remaining with Barclays. I opened this account in 2015 and was free of any derog on file at the time and I received the lowest interest rate possible. I was able to reallocate CL from Arrival + to my Rewards and close the former. I was also going to blast the Rewards this month but in light of all this I have decided not to make any moves on it till a later date.

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How do you know that?

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I asked if the account was sold, the answer was no.