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Barclaycard Conversion Letter

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Re: Barclaycard Conversion Letter

Hey, I recieved the same letter today as well.
Message 81 of 308
Regular Contributor

Re: Barclaycard Conversion Letter

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.

Chase Freedom Unlimited $11,200 - Citibank DC $4,000 - Chase Freedom $3,000 - Amazon Prime - $2,550 - Wells Fargo Propel $7,500
Message 82 of 308
Moderator Emeritus

Re: Barclaycard Conversion Letter


@grower1 wrote:

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


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? Smiley Frustrated

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Message 83 of 308
Valued Contributor

Re: Barclaycard Conversion Letter


@Dinosaur wrote:

@grower1 wrote:

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


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? Smiley Frustrated


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.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 84 of 308
Valued Member

Re: Barclaycard Conversion Letter

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.

 

Message 85 of 308
Valued Contributor

Re: Barclaycard Conversion Letter


@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.

 


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.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 86 of 308
Moderator

Re: Barclaycard Conversion Letter

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.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 87 of 308
Regular Contributor

Re: Barclaycard Conversion Letter

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.

Chase Freedom Unlimited $11,200 - Citibank DC $4,000 - Chase Freedom $3,000 - Amazon Prime - $2,550 - Wells Fargo Propel $7,500
Message 88 of 308
Valued Contributor

Re: Barclaycard Conversion Letter


@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.


How do you know that?

Chase Sapphire Reserve • PenFed Power Cash Rewards • and five cards in the sock drawer

No CC debt • No bonus chasing • No app sprees • No gift cards • No AZEO • No airline incidentals • No hotel cards • No store cards • No business cards • No authorized users
Message 89 of 308
Moderator

Re: Barclaycard Conversion Letter


@UpperNwGuy wrote:

@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.


How do you know that?


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

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 90 of 308
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