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Barclaycard Conversion Letter

Valued Contributor

Re: Barclaycard Conversion Letter

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.



FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 51 of 304
Valued Contributor

Re: Barclaycard Conversion Letter

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




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 52 of 304
Established Contributor

Re: Barclaycard Conversion Letter


@c00mtg 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.

Message 53 of 304
Member

Re: Barclaycard Conversion Letter

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.
Message 54 of 304
New Visitor

Re: Barclaycard Conversion Letter

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.

Message 55 of 304
Valued Contributor

Re: Barclaycard Conversion Letter

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.......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 56 of 304
Frequent Contributor

Re: Barclaycard Conversion Letter

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

Message 57 of 304
Established Contributor

Re: Barclaycard Conversion Letter


@TXBlueBonnet 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.

Message 58 of 304
Mega Contributor

Re: Barclaycard Conversion Letter

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.

Message 59 of 304
Valued Contributor

Re: Barclaycard Conversion Letter

The sucky part of this equation is that Barclay Rewards card was transferred to a Finance Company....

And there are reports about Finance Companies being called out on Fico scores...

 

-J

 

Message 60 of 304