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Life After A Barclays Shutdown?
16 Jun. 2018
Life After A Barclays Shutdown?

Shutdown

About 6 months ago I was shutdown by Barlcays.  The shutdown was unexpected, affected 3 rewards cards that I had with the bank, and it was largely my fault.  Basically late last year I took a couple of back to back trips overseas, and used Barclays Arrival Plus card for a good deal of the trip expenses.  After the trip was over, I redeemed points for major travel related expenses (anything over $100), but noticed that a significant amount of smaller expenses remained.  Since I wanted my trip expenses to be as low as possible, I called Barclays to see if I could use points for an array of travel expenses under $100.  Barclays said yes, created a case number, and the charges fell off my card a few weeks later.  Then 24-48 hours after the charges were eliminated, my account was closed.

Barclays-shutdown-letter-accounts

Shutdown was a big surprise, but not a fatal wound. I’m going to keep trying with Barclays.

Call Me Maybe

From other Barclays shutdowns, it seems like a shutdown with the bank isn’t a lifetime ban.  That part is good news.  Most sentiment that I’ve encountered seems to point to a 6-8 months blacklist until Barclays will allow you to be approved for one of their cards again.  That 6 month mark has now passed, but to hopefully improve my chances, I’ve decided to use what I learned with Citibank and open a savings account with them.

barclays-savings-account-manufactured-spend

Barclays didn’t have a checking account option available to me, so I’m hoping that opening a savings account might either

  1.  Improve my chances for a credit card approval
  2. Create an offer code for one of their credit card products either via email or mail

I’m assuming that without an existing line of business with Barclays, I won’t be part of any target (credit card) offers.  That’s especially true from my fairly recent shutdown.  Hopefully a savings account with Barclays, even a small one, will sweeten the pot for some new credit cards.  In the past, I churned the Arrival Plus twice and did a pretty heavy amount of manufactured spend (MS) on them.  If I was to get approved for another one, I would probably treat it in a similar way but perhaps MS them not quite as much.

Conclusion

Barclays has reintroduced the Arrival Plus, this time with a 60k sign-up bonus offer.  That offer has made me want to be a customer again, as Barclay Arrival points are very versatile for travel redemptions.  After 6 months of shutdown, I’m going to try and get back into Barclays’ good graces, hopefully with a savings account.  In the end, if my Barclays relationship is toast, it’s definitely not the end of the world.  I don’t have any Barclays branches near me.  I’m not looking to put any substantial money into a loan, or any significant investments with them.  I just want their rewards cards.  Before my shutdown last year, I did a really good job at accumulating Arrival Plus, Choice Hotel points, and Lufthansa miles that paid off with some nice redemptions.  If I can back into Barclays good graces again great.  If not, there’s definitely life with other banks.

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