How many of you had your Arrival card sold to another bank with no warning except a letter in the mail from the new bank describing the change and benefits? The letter also said to contact Barclays Bank with any questions. Barclays claims to have made a decision to sell a large portion of accounts and apologized for any inconvenience this may cause. Other than saying the new card has the same features Barclays didn't offer an explanation. Does anyone have any additional information?
Really ? Is that even possible ? Was it for the arrival or arrival plus ? Are you still getting credits for the community miles ?
I quit posting when I got the letter for fear with the transfer problems that have been going on getting miles to our Arrival accounts, that any miles I earned in the Community this month might not transfer to my account before transition to the new card. I don't know which cards are affected. When I wrote Barclays they addressed my Barclaycard Rewards Mastercard (I don't have this ccard) as being in the group of cards sold. When I made the correction to the Arrival, I received this answer from Barclays "Unfortunately, you are unable to maintain the card that you currently have. We apologize for any inconvenience this may cause."
Yes, this can be done. Your credit card debt is an asset that they can sell if they want to. However, I have only heard of it being done in case of high risk accounts when they're worried the debt will never be repaid, so they sell it off at a discount to improve their own portfolio.
See this article for more info: https://www.wsj.com/articles/barclaycard-sells-1-6-billion-in-risky-credit-card-balances-to-credit-s...
For those that don't have WSJ access, Barclays sold some subprime accounts including people with Arrival and Arrival Plus. To clarify, only specific accounts were targeted and unless you get a letter, your account will remain with Barclays.
Somehow I don't think this is the same same sale from March 2017. It says cards will be maintained by Barclays. I received a letter the first week of August saying my Barclaycard Arrival account had been sold and is being converted to a Mercury World Mastercard on September 24, continue to use the Arrival and direct any inquiries to Barclays until then. I'm not getting any good answers.
Somehow I don't think this is the same same sale from March 2017.
It is the same sale. There is no opt-out, other than closing your account? It will convert on that day. What are your questions?
My question is if Barclays was going to continue to maintain the cards, and just a few months ago when they changed their name and logo from Barclaycard to Barclays, I received a letter saying I would get a new card in a few months with the Barclays name on it, why did I get another letter about a short notice sale to a different bank with a new card issued from that bank?
Didn't realize that credit card companies did this, usually thought it was only accounts in collection. I've definitely heard of mortgages being sold to other banks over and over again though.
I did not have my account sold though.
Would you be willing to provide some details about the status of your account prior to it being sold? eg anything that a bank may deem risky? Has your credit score taken a hit for reasons unrelated to your arrival card? I know banks often will periodically do soft pulls on credit reports of existing customers to monitor for risk. Have you or perhaps your company been sued or otherwise have there been any new public records created which could cause a bank to believe that you may pose a "reputational risk" to them? Just asking since I have been reading a lot of articles about other banks summarily closing (though not selling) accounts for such reasons.
Just trying to get some idea of what went on here and why.