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Barclaycard Rewards MasterCard sold to First Bank & Trust as Mercury MasterCard

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Received a letter today, stating as of 09/24/18, my Barclaycard Rewards MasterCard will be transferred and converted to a Mercury MasterCard, issued by First Bank & Trust, Brookings, SD.

 

All the terms and conditions remain the same. The turd of a rewards program remains the same (essentially 2% for gas, utility, and grocery store purchases and 1% otherwise). This card is in the sock drawer, but I put the electric bill on it every couple months to keep it active. It was a rebuilder card and one of my first cards after my BK7, so hopefully they preserve the account opening date when they make the transfer. It's currently one of my oldest open bankcard tradelines (it's 4.5 years old).

 

I wish Barclays would have allowed me to convert it to a different one of their cards, but they never would. They got pretty stingy with the credit line though. I was initially approved for $2,000, got an increase to $2,250 after 6 months, then an increase to $5,150 in February 2016. They haven't budged the credit limit since that time, being denied them (with hard pulls) for stupid reasons (which of course, is their right so to do). It's funny, the card went from being my highest limit and very first bankcard with a limit over $5,000 (a real milestone for me) to becoming the smallest credit line that I have for a bankcard, currently. 

 

Anyway, I've never heard of Mercury or First Bank & Trust before. Wanted to hear anyone's thoughts and experiences with this product.

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First Bank and Trust, Brookings SD...
Same Bank that backed my now out of business and closed Final Visa


Sent from my iPhone using Tapatalk

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Posted (edited)

I have two Barclays cards. A Barclay Arrival card and a Bank of Hawaii card issued by Barclays. Both have no annual fees but I also earn no benefits that I'm aware of. I've received no letter so far but would prefer to stay with Barclays. I don't use either card much aside from occasional purchases to keep them active.

 

I wonder what they're up to. Your account opening date should remain the same. That has been my experience when an account has been moved to another issuer.

Edited by Burgerwars

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"CreditShop believes that there are few reasonably priced credit cards available to credit-challenged consumers. There are about 75 million Americans in the “middle market” with FICO scores ranging between 575 and 675, and many are charged high fees by sub-prime credit card issuers.

“The Mercury Mastercard is designed to give hard-working, middle market consumers access to a better credit card, at a reasonable price, so they can manage their financial lives better,” said Daniel Duncan, CEO of CreditShop."

 

http://www.prweb.com/releases/2018/05/prweb15489746.htm

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11 hours ago, louisrovella said:

First Bank and Trust, Brookings SD...
Same Bank that backed my now out of business and closed Final Visaemoji41.png


Sent from my iPhone using Tapatalk

 

And even worse ... they outsource their card management to the same turds in Georgia who manage the Duck and Beaver cards.  

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2 hours ago, ivymike said:

"CreditShop believes that there are few reasonably priced credit cards available to credit-challenged consumers. There are about 75 million Americans in the “middle market” with FICO scores ranging between 575 and 675, and many are charged high fees by sub-prime credit card issuers.

“The Mercury Mastercard is designed to give hard-working, middle market consumers access to a better credit card, at a reasonable price, so they can manage their financial lives better,” said Daniel Duncan, CEO of CreditShop."

 

http://www.prweb.com/releases/2018/05/prweb15489746.htm

575 FICO is "middle market"?  :lol:

 

Also, what does "hard working" have to do with "creditworthy"?

 

Are Blow and Wad behind this?

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On 8/4/2018 at 1:56 AM, ivymike said:

"CreditShop believes that there are few reasonably priced credit cards available to credit-challenged consumers. There are about 75 million Americans in the “middle market” with FICO scores ranging between 575 and 675, and many are charged high fees by sub-prime credit card issuers.

“The Mercury Mastercard is designed to give hard-working, middle market consumers access to a better credit card, at a reasonable price, so they can manage their financial lives better,” said Daniel Duncan, CEO of CreditShop."

 

http://www.prweb.com/releases/2018/05/prweb15489746.htm

 

When it was available, that was the sort of card the Barclaycard Rewards MasterCard was. It offered some rewards, even for those with poorer credit, and without an annual fee.

 

Only problem is now, four and a half years later, I'm no longer a sub-prime credit card holder. I've been a pay-in-full, before the statement cuts user for nearly a year. I was pushing about $1,000 every-other-month (electric bill) through the card this year, so it was getting some use regularly, but still paid-in-full. With Barclays free TU-08 FICO, they've steadily been able to see my score improve from 633 at approval to 744, as of 07/29/18.

 

If they have sold off their "middle market" portfolio, I wish they had let me stay and converted this to a more useful card. I'd rather have stayed with them since this is my oldest open credit card trade line (although I am an AU on the DW Discover Card that's 18 years old). Perhaps I should close it, since I don't want the toy limit to hold me back from bigger credit lines.

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6 hours ago, policebox said:

 

When it was available, that was the sort of card the Barclaycard Rewards MasterCard was. It offered some rewards, even for those with poorer credit, and without an annual fee.

 

Only problem is now, four and a half years later, I'm no longer a sub-prime credit card holder. I've been a pay-in-full, before the statement cuts user for nearly a year. I was pushing about $1,000 every-other-month (electric bill) through the card this year, so it was getting some use regularly, but still paid-in-full. With Barclays free TU-08 FICO, they've steadily been able to see my score improve from 633 at approval to 744, as of 07/29/18.

 

If they have sold off their "middle market" portfolio, I wish they had let me stay and converted this to a more useful card. I'd rather have stayed with them since this is my oldest open credit card trade line (although I am an AU on the DW Discover Card that's 18 years old). Perhaps I should close it, since I don't want the toy limit to hold me back from bigger credit lines.

Have you called Barclays and asked for a PC?

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11 hours ago, cv91915 said:

Have you called Barclays and asked for a PC?

I tried back in November and was told there were no upgrades or anything available on my account. According to the other forum, if your account is pending going to First Bank & Trust, Barclays isn't changing credit limits or other changes.

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Apparently, Barclays wants to break up with me too.  lol  I got the same letter a couple of days ago. I have a small balance on it, and pretty much only used it for my cell phone bill.

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I have not gotten the letter yet.  I think I will try to see if I can move the CL from the Rewards to my Aviator. 

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Anybody who got the letter have more than one Barclays account? I have the Priceline card as well as the Rewards MC that started out as Sallie Mae. Haven't gotten any letter here.

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23 hours ago, chicagorich said:

Anybody who got the letter have more than one Barclays account? I have the Priceline card as well as the Rewards MC that started out as Sallie Mae. Haven't gotten any letter here.

I have a Uber Visa and a Rewards MC.

 

No letter here either.

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OP, they will certainly retain the Account Opening Date when it converts. 

 

Well, put it this way, I would be shocked at the incompetence if they don't!

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I wonder if I closed it now, if it'd still convert. Probably.

 

I don't know if First Bank & Trust or Mercury MasterCard are considered subprime. I don't want a subprime lender showing up on my credit report. I don't need the equivalent of Credit One suddenly showing up on my reports for the next 10 years.

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13 minutes ago, policebox said:

I wonder if I closed it now, if it'd still convert. Probably.

 

I don't know if First Bank & Trust or Mercury MasterCard are considered subprime. I don't want a subprime lender showing up on my credit report. I don't need the equivalent of Credit One suddenly showing up on my reports for the next 10 years.

 

You are reading too much drama into this.

 

1st Bank and Trust are new to the game and aren't known as the equivalent of Credit One.  Even if they morph into subprime, their tradeline isn't going to do anything to your credit reports.  99% of lenders won't even see individual tradelines when you apply for credit with them.  Of those one or two that do, they won't give a crap about 1st Bank and Trust, even if they did knew who they were.

 

There's virtually no downside to keeping it open.  It's a positive tradeline and there's no AF.  The only thing that would hold you up from higher limits with other lenders is how crappy / uncrappy your credit reports are and your income.  FWIW, my wife had a Final Visa underwritten by 1st Bank and Trust with a limit of $12,000.  Do you even have a card with a limit over $10,000?

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1 hour ago, PotO said:

 

You are reading too much drama into this.

 

1st Bank and Trust are new to the game and aren't known as the equivalent of Credit One.  Even if they morph into subprime, their tradeline isn't going to do anything to your credit reports.  99% of lenders won't even see individual tradelines when you apply for credit with them.  Of those one or two that do, they won't give a crap about 1st Bank and Trust, even if they did knew who they were.

 

There's virtually no downside to keeping it open.  It's a positive tradeline and there's no AF.  The only thing that would hold you up from higher limits with other lenders is how crappy / uncrappy your credit reports are and your income.  FWIW, my wife had a Final Visa underwritten by 1st Bank and Trust with a limit of $12,000.  Do you even have a card with a limit over $10,000?

Yes, I have several cards with limits over $25,000. I have total credit lines totaling over $200,000.

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13 minutes ago, policebox said:

Yes, I have several cards with limits over $25,000. I have total credit lines totaling over $200,000.

 

Then you are off to a decent start.

 

A $5k limit is not going to hinder you in any way.  

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Posted (edited)

Another question, for those that might have gotten the letter, is your Rewards MC a World MC?

Edited by chicagorich

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1 hour ago, chicagorich said:

Another question, for those that might have gotten the letter, is your Rewards MC a World MC?

I have not gotten the letter and my card is a regular MC with a 15k limit, always been a regular MC

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On 8/14/2018 at 4:01 AM, chicagorich said:

Another question, for those that might have gotten the letter, is your Rewards MC a World MC?

 

Mine is a regular MasterCard.

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On 8/14/2018 at 8:51 AM, Konrad2012 said:

Why close it? It's a new positive aged post-BK account.  That's a good thing. 

You're right. I'm micromanaging and worrying unnecessarily. 

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