Barclaycard slashes credit card limits
Barclaycard, Britain’s biggest credit card company, with over 10 million credit card holders, has slashed credit card limits for 500,000 customers in a bid to stop them defaulting on monthly repayments.
As well as the credit limit cuts, Barclaycard are looking at the credit worthiness of applicants in more detail. More than 50 per cent of applicants are being rejected and Barclaycard are also monitoring existing customer’s debts more closely.
A Barclaycard spokesperson said this would be the first of a number of new initiatives and they will continue to take action if a customer shows signs of getting into financial difficulty.
The spokesperson also said Barclaycard move credit limits all the time and in some cases they would be leaving customers limits unchanged. They may, however, reduce the level of cash advances customers could get with their credit card because there are indications that people who use their credit card to get cash are often more likely to have debt problems.
Barclaycard have also started new customers on a ‘low and grow’ scheme, giving a low credit limit to begin with, increasing it over time as the customer proves they can manage the credit card debt.
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