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Ok, so nearly a fortnight ago I get a message from Barclays saying
‘From 22 July we’re making changes to your Barclaycard. To find out more, please read the letter we’ve sent. Your Barclaycard team.’No-one in HfP chat reported receiving a similar text so assuming it’s account specific. Nothing special about 22nd July though, it’s more than 3 months off, not a statement date etc.
As we can expect from Barclays, no letter has come, nothing is in the app etc (though, tbh, I can’t even see my statements in the app, so that’s no surprise).
This message followed a month of excessive and very different spending habits due to some major life events, many of these in a foreign currency via a recently reupgraded Curve card (I used fronted for the first time in a while too). My spend was so high that I had to pay off the card a couple of times and requested a credit limit increase which got refused. I suspect this may have triggered some kind of account review.
However, in general, no missed payments or credit issues. Only other thing to mention was that following the refusal (and before the text) I thought it best to close a few unused credit cards that were sitting in a drawer.
So any ideas what this might be? I’ve not had the time to go into my branch and we all know how poor their phone CS is. Some suggestions I’ve had:
* They’ve decided to cancel my card as they don’t like my spending habits
* They’ve decided to reduce my credit limit as they think I’m too high risk/don’t like my spending habits
* They’ve decided to increase my interest (which I never use)
* There’s been a typical Barclays IT failure and a message was sent by accident
* There’s a genuine change in the card offering on 22nd July that only I have been notified about
any other guesses? 🙂
Has anyone had a similar message?It’s nothing personal to you, don’t worry:
“We wanted to let you know that the interest rates on your Barclaycard Avios Plus will go up from 22 July 2024. We’re also changing the way we work out your minimum payment. This means the minimum amount you need to pay each month will go down from the same date.
We’re making these changes following a review of our credit card products.
However, if you continue paying off your total balance every month, it’s unlikely that these changes will affect you.“
Have I read this correctly – they are increasing interest but reducing minimum payments, therefore increasing the amount that customers will pay in the long term if they only make the minimum payment each month? Sounds a tiny bit sneaky if you ask me!
Have I read this correctly – they are increasing interest but reducing minimum payments, therefore increasing the amount that customers will pay in the long term if they only make the minimum payment each month? Sounds a tiny bit sneaky if you ask me!
Correct.
Getting desperate.It’s nothing personal to you, don’t worry:
“We wanted to let you know that the interest rates on your Barclaycard Avios Plus will go up from 22 July 2024. We’re also changing the way we work out your minimum payment. This means the minimum amount you need to pay each month will go down from the same date.
We’re making these changes following a review of our credit card products.However, if you continue paying off your total balance every month, it’s unlikely that these changes will affect you.“
Great thanks!
I got an email today telling me that Barclays were reviewing their products and that my credit card rate was going up from 11.9% compound to 21.8% from 22nd July. Ouch! I have had a Barclaycard Platinum since Adam was a lad and cannot remember if there was some special deal when I first applied in order for it to have remained that low for so long. Therefore, for me, it is personal.
Do you not pay it off every month?
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