Barclaycard Credit Limits

Discussion in 'OT (OFF Topic) Forums' started by sallison1504, Jun 22, 2014.

  1. sallison1504

    sallison1504 Active Member

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    So, I have two credit cards with Barclaycard. One limit was £1600, and the other £3500. I also have a few other cards with other providers, so my exposure was roughly around £12000.

    I asked Barclaycard for a limit increase from £3500, to £4200. They granted the increase but right up to £6200?

    This is a good thing for me, but anyone else ever had this? I'm 20years old, between 20-30k, about £5k outstanding debt, with a perfect credit history. I know Barclaycard aren't always on the ball with their customer service, but how can an extra £2000 be added by mistake?
     
  2. moonloops

    moonloops MB Enthusiast

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    Maybe one of their back office monkeys typed in the amount wrong ??

    Dunno really, never had to use a credit card in the last 15 years. Just keep one as an emergency card now.
     
  3. Jeff666

    Jeff666 Active Member

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    It's not that unusual, credit firms are always keen to keep you as a "customer" especially if you're a good payer.
     
  4. Tan

    Tan MB Enthusiast

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    Because they want you to have more credit, so you spend more and they make more. Throwing credit at young people has caused many to fall into problems.
     
  5. Stratman

    Stratman MB Enthusiast

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    The more you spend, the more they make.
     
  6. t-dawg1

    t-dawg1 Active Member

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    That's sounds like a ridiculous amount of credit to have available,£12k? Do you really spend all that a month?
     
  7. neilrr

    neilrr MB Enthusiast

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    And the cycle repeats itself.

    Again.
     
  8. John

    John Hardcore MB Enthusiast

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    I've had this before.

    Back in my 20s my CC provider raised my limit from £3000 to £6600 for no apparent reason.

    :dk:
     
  9. Spin_bowler

    Spin_bowler MB Enthusiast

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    Unless you need it I'd ask them to reduce it. I've heard of people turned down for finance on the strength of their having too much available unsecured credit on cards with high limits but nil or low balances.
     
  10. markjay

    markjay MB Club Veteran

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    Do you always pay the full amount on the due date, without incurring any interest?

    If so you then you are unlikely to see your credit limit grow by much.


    Or have you recently made use of the available credit facilities and took your time paying back the amount owed with interest over a period of several months, always meeting or excceeding the minimum amount?

    If so then the bank will consider you their best friend and will happily increase your credit limit well beyond what you asked for.
     
  11. Bobby Dazzler

    Bobby Dazzler MB Club Veteran

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    I don't think it was a mistake. Most likely this was the amount already pre-approved in the system which Barclaycard believe you're "good for", so when you asked for an increase they gave it to you.

    I worked in banking many years ago, and for a short while I worked in the banking hall. Even then when a customer sat in front of me I could see what credit limits the customer actually had, and how much more was pre-approved.
     
  12. Scott_F

    Scott_F MB Enthusiast

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    If you already have several credit cards why do you need an extension to your credit limit with Barclaycard ? This suggests that the others are already at their limit and that you are living beyond your means.

    It doesn't sound like a "good thing" for you at all. Credit cards are a notoriously expensive way to borrow money. If the debt to which you refer is credit card debt then you need to re-structure your finances immediately and consolidate the debt into a single personal loan with your bank.

    Then cut up all your credit cards bar one - that should be all you need.
     
    5 people like this.
  13. artyman

    artyman MB Enthusiast

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    The limits on both my cards were several thousands a few years back, they kept increasing them despite my average monthly spend being more in the hundreds with just the occasional larger amount, and always cleared each month. No way am I paying their exorbitant rates of interest.

    After the Bank shenanigans a while back they reduced both limits, which are till more than adequate for my needs. But it shows just how irresponsible the Banks were, as, if I had utilised the limits available I would have struggled to repay them, no checks on how I felt my ability to deal with those limits whatsoever, talk about irresponsible.
     
  14. E270 Owner

    E270 Owner MB Enthusiast

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    I use a credit card solely for booking flights or/and buying fuel at the pump in UK and across Europe when I cannot fly there.

    I rarely use it for anything else and always clear the cards debt at the end of the month if not before.

    The highest amount I have ever recorded on it was @ £2000 and cleared immediately I returned to the UK they see fit to allow a limit of £15000.00 on my card a MBNA Platinum.

    I have asked for the limit amount to be reduced many times and they never do :(

    I recommend you request a limit you are able to clear in one payment if you cannot do that then save a little each month for what you want to buy and pay cash for it, my sons the same age as you and he does exactly this and has no debt and has not been fooled into thinking you need a credit history for your personal finances points system used by credit agencies, its a scam to get you onto a credit card in the first place.
     
  15. Tan

    Tan MB Enthusiast

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    I recall a situation where I asked for a credit limit to be reduced and I was told that this could adversely effect your credit status, as it shows up the lender seeing you as a risk, hence they took back some of the credit they offered.
     
  16. nigel cross

    nigel cross MB Enthusiast

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    They want you to spend lots on your card, so you cannot afford to pay it all off in the next bill, thereby you will have to pay them interest and they make more money, its as simple as that.
     
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  17. stwat

    stwat MB Enthusiast

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    Pay off what you owe then cut them up.
     
  18. John

    John Hardcore MB Enthusiast

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    My provider is making jack out of me as I pay my card off every month in full and have done for the last 16 years I've had a credit card with my current provider.
     
  19. Howard

    Howard MB Club Veteran

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    Back in the days of easy credit I had a capital one card that tracked at .6 above boe base.

    They kept increasing my limit , it was like free money , the interest was so little.

    Ran up £12k on it ... Then the letter came ' due to it costing us more to lend money , we have to raise your interest rate to 16.9% ' ... Uh oh ...

    Luckily the option was there to cancel the card and pay off the balance at the original rate ( which I did ) , but it could have been a nasty shock if that option wasn't available.

    Lesson learned , save for something I want now , or pay it off within a couple of months if it's a big buy.

    Got a barclaycard platinum now at 6.9% should I need credit , but the limit is only £4k , much better and less likely to end in tears.
     
  20. OP
    OP
    sallison1504

    sallison1504 Active Member

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    I understand. It's because I have an interest free offer for 32 months, so I am transferring some other balances over to this particular card, hence the increase.
     

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