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Interesting offer from Barclays


Jaymes
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This is a new situation for me.

 

I received a mailing from Barclays that says, based on my credit hirsotyr with my Virgin America VISA account, if I write the attached convenience check, Barclays will increase my limit by the amount of the check, up to a $1,500 CLI.

 

There is no mention that they will do a CRA pull, so I assume if anything there will be a soft.

 

I'm really tempted to write myself a check. The downside is there's a 3% convenience check fee (which would amount to $45) plus they begin charging interest from the day the check posts to my account. I will pay this off within 30 days, so the interest will be around $20.

 

Can anyone see any downfall to this?

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Can anyone see any downfall to this?

 

Yes.

 

The downside is there's a 3% convenience check fee (which would amount to $45) plus they begin charging interest from the day the check posts to my account. I will pay this off within 30 days, so the interest will be around $20.

 

For only a max 1500 CLI? So not worth it. Better to either request a larger CLI or wait...

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it seems the banks are now wanting their customers back...after screwing them with AA,CLD,bail outs etc etc...

 

funny how alot of these offers are starting to pop up....seems to be a new trend.

 

I'm seeing 3 or more offers a day. After a year of learning what no offers is like, I'm pretty picky now :D

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it seems the banks are now wanting their customers back...after screwing them with AA,CLD,bail outs etc etc...

 

funny how alot of these offers are starting to pop up....seems to be a new trend.

 

Offers are popping up. But I don't see this as one of them...

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it seems the banks are now wanting their customers back...after screwing them with AA,CLD,bail outs etc etc...

 

funny how alot of these offers are starting to pop up....seems to be a new trend.

 

Offers are popping up. But I don't see this as one of them...

 

 

nor do i....run up your balance to get a CLI and pay for it....crap offer.

 

just give me a CLI when i ask for it..with out all the strings.

 

whatever happened to no strings attached? LOL...

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It may not be a great offer, but it is not a trap. I have gotten similar offers from Barclays, I read them carefully, and I am sure it will do what it says. If you want the CLI and it is worth it to you, and you can't otherwise get it, then I see nothing wrong with taking the offier. Whether the 1500 CLI is worth it to you, only you can decide.

 

In my experience, Barclays pulls a hard for CLIs. This may be one way to avoid a hard for a CLI That might be worth the cash advance fee to some people.

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I think this offer *MAY* be a bit of a warning shot across the bow: Barclays is saying "we're not making enough money off your account, so here's an offer to CLI you if you'll pay us 3% of it." Personally, I don't see a problem with it if you want the CLI and it's worth the 3% fee to you. Plus, they make some profit off an account that may be a dud for them, otherwise.

 

My SO got this offer about 3 months ago on an acct. They used the card every two or three months and for small amounts, PIF'd it every time, and there's no way Barclays was making much off the account. First came the rate jack notice to 14.99%, then this offer, then came the annual fee notice last month. MY SO closed the account. Just sayin'...watch out for their next step if you're not using the account enough to generate much profit for them. :ph34r:

Edited by TangMeister
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the banks are hurting for money. personally i think the tide is starting to shift and become a little more consumer in control here. now there starting to want us back...but for a price..IMHO...

 

i get tons of those offers..and to the shredder they go...

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the banks are hurting for money. personally i think the tide is starting to shift and become a little more consumer in control here. now there starting to want us back...but for a price..IMHO...

 

i get tons of those offers..and to the shredder they go...

 

Yep, definitely lots more courting going on, and tons of pre-screened/pre-approved offers and perks coming in the mail...even from credit unions.

 

This particular offer has been around from Barclays for at least 1.5+ years. Lots of discussions about it on myfico last year. It *usually* went out to people who weren't using their card enough for Barclay's satisfaction. That could have changed, though, and annual fees getting tacked on to some accounts is definitely a big change.

Edited by TangMeister
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it seems the banks are now wanting their customers back...after screwing them with AA,CLD,bail outs etc etc...

 

funny how alot of these offers are starting to pop up....seems to be a new trend.

 

Offers are popping up. But I don't see this as one of them...

 

+1

 

It was more like a slap in the face for me and to top it all off I got

another one of those offers today in the mail sent 2 days before I closed the card.

I took it as don't let the door knob hit you on the way out. :ph34r:

Edited by wanabe
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I think this offer *MAY* be a bit of a warning shot across the bow: Barclays is saying "we're not making enough money off your account, so here's an offer to CLI you if you'll pay us 3% of it." Personally, I don't see a problem with it if you want the CLI and it's worth the 3% fee to you. Plus, they make some profit off an account that may be a dud for them, otherwise.

 

My SO got this offer about 3 months ago on an acct. They used the card every two or three months and for small amounts, PIF'd it every time, and there's no way Barclays was making much off the account. First came the rate jack notice to 14.99%, then this offer, then came the annual fee notice last month. MY SO closed the account. Just sayin'...watch out for their next step if you're not using the account enough to generate much profit for them. :ph34r:

 

That is exactly what happened to me only I used mine/and let it report every 6 months.

It was going to be on the chopping block for me anyway they just made it quicker and

painless.

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it seems the banks are now wanting their customers back...after screwing them with AA,CLD,bail outs etc etc...

 

funny how alot of these offers are starting to pop up....seems to be a new trend.

 

Offers are popping up. But I don't see this as one of them...

 

 

nor do i....run up your balance to get a CLI and pay for it....crap offer.

 

just give me a CLI when i ask for it..with out all the strings.

 

whatever happened to no strings attached? LOL...

 

Yep. And, it's a two way street - we're both supposed to make money...

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This type of offer isn't new at all. Providian used to make CLI-for-convenience-check offers all the time in the bad ol' days. It's not a slap in the face or anything personal, however, at least some people who probably should not extend their debts may be attracted to such an offer for the wrong reason. I agree with some others above that CLIs should be granted based on merit, such as purchase history or payment history, not used as a sales gimmick ...

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the banks are hurting for money. personally i think the tide is starting to shift and become a little more consumer in control here. now there starting to want us back...but for a price..IMHO...

 

i get tons of those offers..and to the shredder they go...

 

I agree about the banks. I think they alienated so many of their customers with nasty tactics (like rushing through interest rate increases before the new Fed regulations were to take effect) that many just said "adios" to the card. So instead of making more money from the increased interest, they lost the consumer instead.

 

As far as the offer as listed by the OP, I would immediately assume they would pull a hard. The whole thing just raises my suspicions about that bank. They're enticing people to increase what they owe by dangling the carrot of an increased credit line. Don't you just love their tactics? :)

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It may not be a great offer, but it is not a trap. I have gotten similar offers from Barclays, I read them carefully, and I am sure it will do what it says. If you want the CLI and it is worth it to you, and you can't otherwise get it, then I see nothing wrong with taking the offier. Whether the 1500 CLI is worth it to you, only you can decide.

 

In my experience, Barclays pulls a hard for CLIs. This may be one way to avoid a hard for a CLI That might be worth the cash advance fee to some people.

 

I got a hard-free CLI FWIW.

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I got the same offer. I'm not gonna transfer a balance at 18% apr for a CLI on a card that has already

CLD me once after a BT was paid off.

 

Plus, even with the $1500 cli it would be one of my lowest limits.

 

I've been debating closing this card for awhile now but I keep buying into the school of thought of not closing cards without fees.

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