Barclaycard Sells $1.6 Billion in Risky Credit-Card Balances to Credit Shop

[Anonymous]

Barclay news from a Wall Street Journal article:

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

Looks like some Barclay customers are in for a surprise. Most of the sold balances were not in default.

[Anonymous]

The article says that cobranded Barclay cards (i.e. JetBlue, NFL, American Airlines) will not be sold.  What non-cobranded Barclay cards are out there?  The only one I've ever heard of is the Ring.  

[Anonymous]

Nice find! Now all the naysayers on this forum can say "we told you so". You subprime borrowers (what ever that is defined as?) may find your new home with Credit Shop ( a non-bank lender) located in Texas. Seems Barclays has been busy overseas (Spain Portugal and others Countries) shedding banking business since the fall of 2016. My question is? Should I close my Barclays accounts as I don't want to be held by a subprime lender (however that is defined?).

[Anonymous]

Currently, Barclays offers the Arrival Plus & Cash Forward as well as the Ring as Barclay cards. The Rewards card I believe is no longer offered as a new app.There are a host of Barclay co-branded cards:

https://home.barclaycardus.com/cards.html

Not all of their co-branded cards are listed here. LL Bean is a co-branded example.

Hope this helps.

[Anonymous]

I forget about the Barclay "Luxury" cards- Titanium, Black and Gold.

http://www.luxurycard.com/

[sjt]

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@Anonymous wrote:
Nice find! Now all the naysayers on this forum can say "we told you so". You subprime borrowers (what ever that is defined as?) may find your new home with Credit Shop ( a non-bank lender) located in Texas. Seems Barclays has been busy overseas (Spain Portugal and others Countries) shedding banking business since the fall of 2016. My question is? Should I close my Barclays accounts as I don't want to be held by a subprime lender (however that is defined?).

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From what I understand, Barclays just sold the debt but the cards will still remain intact and serviced by Barclays. There is no transferring of cards accounts to Credit Shop.

[SouthJamaica]

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@Anonymous wrote:

Barclay news from a Wall Street Journal article:

https://www.wsj.com/articles/barclaycard-sells-1-6-billion-in-risky-credit-card-balances-to-credit-shop-1490554987#livefyre-toggle-SB12711645461998504051204583046921924782156

Looks like some Barclay customers are in for a surprise. Most of the sold balances were not in default.

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Fascinating.

1. Here's a non-paywalled link to a story on the subject:

http://news.google.com/news/url?sr=1&sa=t&ct2=us%2F0_0_s_1_0_t&usg=AFQjCNEgKdACxDN_0jVjBAgCzlmykawIrw&did=b657942b6bd33fc5&cid=52779438968056&ei=n2fcWMivEsvK3QHb-KyYBw&rt=STORY&vm=STANDARD&url=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fbarclaycard-dumps-16b-in-subprime-card-balances-2017-03-26

2. I wonder what the criteria are for "subprime" balances

3. This might explain why I was unable to get an interest rate reduction on my Barclay Rewards card last year. That was probably one of the cards where most of the "subprime" balances were.

4. I wonder whether, and if so how, this will affect the account holders, both those whose balances are considered "prime", and those whose balances are considered "subprime".

[sjt]

Id be interested to know #4 as well and who's credit card balances/debt got sold.