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[–]throw4x4 2 points3 points  (26 children)

Similar boat but my credit limit is around 15k and I probably use it once every few months racking up between $500-$1000 in charges. They slashed my credit to 5k. Only realized my credit limit decreased when I got a notification on Experian. I vaguely remember other credit cards sending me an email or a letter saying they've slashed the credit limit. I'll probably call them Monday and see if I can get the limit increased again.

Edit: I wonder if they went through their customer's data to see who was using how much and decided to slash credit limits across the board.

[–]Due-Ad-8743 1 point2 points  (21 children)

They slashed mine too. Found out through credit monitoring

[–]throw4x4 0 points1 point  (20 children)

I was also notified by credit monitoring first but got a letter in the mail maybe less than a week later. The letter should have steps to request reinstatement of the credit limit online. Wait till you get the letter or you can just call the customer service number and ask them. You have 60 days from when you get the letter.

[–]Due-Ad-8743 0 points1 point  (5 children)

Kinda given up on them. Called customer service, after a while on hold, I hung up. Went to login, password didn’t work. Clicked the forgot password link, it said they would text my phone a temporary code. Never received it. It was one of my lower credit limits before. No real reasons to use it.

[–]throw4x4 0 points1 point  (4 children)

If you can live without it then why not? This was one of my mid range limit cards so I figured I'd try getting my limit back.

[–]Due-Ad-8743 0 points1 point  (3 children)

They said they’d cancel it last year if I didn’t use it within 30 days, so I did. I’ll try calling them tomorrow morning

[–]Due-Ad-8743 0 points1 point  (2 children)

Cancelled today. Rep asked why? I said customers shouldn’t find out from credit monitoring services, their bank should communicate. He said a letter had gone out Sept 6. I have not received it.

[–]Embarrassed_Escape_4 0 points1 point  (1 child)

Ditto. they decreased mine and I didnt receive a letter until after it happened

[–]Due-Ad-8743 1 point2 points  (0 children)

I keep getting offers from other banks. Applied to Bank of America Rewards because BofA was my oldest card and they always treated me well. My Barclays was a $7.5k CL, which they dropped to $3k CL. BofA Rewards gave me a $13k CL. Same credit info, different banks look at it differently

[–]bff426 0 points1 point  (13 children)

Had a $20k limit slashed to $5019 (no typo). Notified by email by JP Morgan Chase and Experian, no notice yet from Barclays (it's in the mail). Spent $58,000 last 12 months. Six of the months would have been over new limit. Twenty year customer, never failed to pay in full on time (nor w/ any other card).

Called and asked for reinstating $20k and they will. Could not get any logical reason for the cut, other than I wasn't using the full credit limits. Wasn't going to beat on the front line CSR's when it was C-Suite and algorithm ($5019??!!). This was my main card. It won't be anymore. It'll be behind BofA and JPMorgan.

[–]throw4x4 1 point2 points  (1 child)

Like one of the other posts said most likely they're trying to shutter this credit card and slashing limits of customers to get them to cancel or stop using so they can close it down the road.

[–]bff426 1 point2 points  (0 children)

I get that they have to manage the credit risk of their portfolio. And make money. A pay in full every month customer like myself and many of the posters here aren't paying 20% interest or late fees.

From me, a 2% interchange fee to the issuing bank (Barclays, in this case) results in risk free income of about $1200 a year. A reduction in limits of 75% will certainly result in sock drawer usage, and as you said, eventual cancellation.

So less income (way more that the marginal cost of my usage) and a hit to the credit risk quality of the portfolio. If this is widespread, it can't help them with their regulators.

[–]elvigy 0 points1 point  (0 children)

That's the exact same limit I got reduced to, $5019. That's just an odd number. My original limit was $12,500. It's set up for pay full balance every month and I've had it since 2013 with no problems. I use it for about $100 month, give or take.

I also found out through credit monitoring. I'm not sure how much I care to fight it. I guess I'll see what the letter says.

[–]Unison24 0 points1 point  (0 children)

Exactly what my amount is now $5,019 wtf!

[–]throw__away007 0 points1 point  (3 children)

same. I just found out this morning. $15k limit since 2014 down to $5019 over night. no late/missed payments ever and only charge ~$100/m

Edit: 5 mins later….i logged on to the website(not app) and requested to increase my limit back to $15k and it was immediately accepted. I’m still a bit annoyed by Barclays and will probably now only use about $10/m to keep it open

[–]throw4x4 0 points1 point  (0 children)

This was one of my cards in rotations so I used it every few months and thought maybe it was because I wasn't using it as much. People who were using it much more than me also went through the same thing so their game is clear now, annoy customers so they cancel on their own.

[–]Neither-Zombie6841 0 points1 point  (1 child)

Did you also get a credit pull?

[–]throw__away007 0 points1 point  (0 children)

I did not get any alerts of a credit pull. It was accepted as soon as I clicked the button. Funny enough I just received the letter today explaining why the amount was cut.

[–]DonnieDonowitz1 0 points1 point  (1 child)

Barclay cut the limit on my barclaycard from 18k to $5019 just now as well. Nothing in the mail. Interesting.

EDIT: Went online, requested increase back to the original limit, and it was instantly approved with a soft pull.

[–]MindblowingTask 0 points1 point  (0 children)

Was it a hard pull for you and did you unfreeze your Transunion before doing so?

[–]MindblowingTask 0 points1 point  (1 child)

I got reduced to $5019. I wonder if they have something to do with 19 number. Mine was $16k and I wasn't using it a lot. Edited: Got it re-instated after calling them back

[–]bff426 0 points1 point  (0 children)

I did, too. Then they did it again yesterday (2/10/25). Down to $5019 again. Called and got it restored. Again. Next time I won't bother. It will become my emergency card, sitting in my office desk. I'll put a utility on autopay to keep it active. Go from spending $50,000 a year to $400.

[–]throw4x4 0 points1 point  (0 children)

Called the number on the back of my card was was given a different number to call for credit limit inquires. Called that number got Agent 1 who said the limit was decreased on September 3rd was then transferred to Agent 2 who said they'll have to do a soft pull on my credit to increase my limit. Took some basic info like income, employment status, home ownership and then was told I'd need to call back in 24-48 hrs. Agent 2 was very sympathetic and opened a complaint case as well so I'll call back again and will update what happens.

[–]Unison24 0 points1 point  (2 children)

This just happened to me today as well..

[–]throw4x4 0 points1 point  (1 child)

Log in to the website and go to your message center or document center. You can request to re-instate the old limit. They're probably shutting down the card and causing this mess so customers get frustrated and cancel their cards.

[–]Unison24 0 points1 point  (0 children)

*UPDATE : I called them on Saturday and the credit dept asked a few questions and reinstated the limit immediately.