Barclaycard
{{Short description|Barclays Bank credit card}}
{{use dmy dates|date=June 2021}}
{{Use British English|date=February 2025}}
{{Infobox company
| name = Barclaycard
| logo = Barclaycard logo.png
| image =
| type = Brand
| genre =
| fate =
| predecessor =
| successor =
| foundation = {{Start date and age|1966}}
| defunct =
| location_city = London
| location_country = England, United Kingdom
| location =
| area_served = Worldwide
| key_people =
| industry = Credit cards
| products = Credit cards
Contactless technology
| production =
| services =
| revenue =
| operating_income =
| net_income =
| aum =
| assets =
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| owner =
| parent = Barclays
| homepage = {{URL|http://www.home.barclaycard}}
| footnotes =
}}
Barclaycard ({{IPAc-en|ˈ|b|ɑːr|k|l|i|k|ɑːr|d|,_|-|l|eɪ|-}}; stylised as barclaycard) is a brand for credit cards of Barclays PLC. It is considered as the United Kingdom's first and now biggest credit card provider with 5 million accounts.{{Cite news |last=Jones |first=Rupert |date=2016-06-29 |title=Put it on the plastic: Barclaycard, the UK's first credit card, turns 50 |url=https://www.theguardian.com/money/2016/jun/29/put-it-plastic-barclaycard-uk-first-credit-card-50-1966 |access-date=2025-02-08 |work=The Guardian |language=en-GB |issn=0261-3077}}{{Cite news |last=Jones |first=Rupert |date=2024-04-26 |title=Barclaycard change could mean much higher interest for some customers |url=https://www.theguardian.com/money/2024/apr/26/barclaycard-interest-customers-credit-card-holders |access-date=2025-02-08 |work=The Guardian |language=en-GB |issn=0261-3077}}{{Cite web |date=20 February 2024 |title=Barclays UK Investor Update: 20th February 2024 |url=https://home.barclays/content/dam/home-barclays/documents/investor-relations/ResultAnnouncements/FullYear2023Results/20240220-Barclays-UK-Investor-Update.pdf |access-date=8 February 2025 |website=Barclays}}
History
Barclays launched Barclaycard on 29 June 1966, initially as a charge card,{{Cite web|url=https://www.accesscreditcard.info/history66-72.aspx|title=Access Credit Card - 1966-72|website=www.accesscreditcard.info}} but following Bank of England agreement to the offering of revolving credit, it became the first credit card in the United Kingdom on 8 November 1967. It enjoyed a monopoly of the credit card market in the United Kingdom until the introduction of the Access Card in October 1972.
Barclays was not the first issuer of a credit card in the United Kingdom though; Diners Club and American Express launched their charge cards in 1962 and 1963 respectively.{{cite news|title=1963: American Express comes to Britain|url=http://news.bbc.co.uk/onthisday/hi/dates/stories/september/10/newsid_3031000/3031968.stm|access-date=19 January 2016|publisher=news.bbc.co.uk}} Barclaycard was originally a BankAmericard licensee, and became part of the Visa network on its formation in September 1976.{{cite news |url=https://www.nytimes.com/1976/09/11/archives/bankamericard-to-get-a-new-name-visa-personal-finance.html|title=Bank Americard to Get A New Name: Visa|newspaper=www.nytimes.com|date=11 September 1976|access-date=14 July 2020}}
In 2021, Barclaycard cut credit limits for over 100,000 customers, including customers who had never missed a payment. In some cases limits were cut by over 95%, resulting in "completely useless" credit limits.{{Cite news|url=https://www.thetimes.com/business-money/economics/article/after-30-years-why-has-barclaycard-cut-my-credit-to-250-hfnxgcqv5|title=After 30 years, why has Barclaycard cut my credit to £250?|first=Imogen|last=Tew|work=The Times}}{{Cite web|url=https://www.cityam.com/barclaycard-defends-decision-to-cut-customers-credit-limits-by-up-to-95-per-cent/|title=Barclaycard defends decision to cut customers' credit limits by 95 per cent|date=April 20, 2021|website=CityAM}}{{cite news |last1=Brignall |first1=Miles |title=Barclaycard slashed my £6,500 credit limit to £250 |url=https://www.theguardian.com/money/2021/apr/26/barclaycard-slashed-my-6500-credit-limit-to-250 |access-date=4 March 2023 |work=The Guardian |date=26 April 2021}}
Products
In the United Kingdom, barclaycard offers a range of credit cards for personal and business customers.
Acquisitions
=Providian=
In July 2003, Barclays took over Monument, the United Kingdom branch of the U.S. bank Providian, when it was sold off due to financial irregularities of its American parent company.{{cite web|author=Thu, 24 Jul 2003 |url=http://www.marketingweek.co.uk/home/barclays-picks-ehs-for-acirc1635m-providian-job/2005711.article |title=Barclays picks EHS for £5m Providian job | Archive |publisher=Marketing Week |date=24 July 2003 |access-date=24 September 2012}} Barclaycard sold the Monument business and premises to CompuCredit Holdings Corporation in April 2007.{{cite news|url=http://news.bbc.co.uk/1/hi/business/6528655.stm |title=Business | Barclays sells sub-prime business |work=BBC News |date=5 April 2007 |access-date=24 September 2012}}
=Egg=
In March 2011, Barclays announced that it would be buying the British credit card business of Egg from Citigroup for an undisclosed price. At the time of the announcement, Barclays claimed that the credit card assets consisted of 1.15 million accounts with approximately £2.3bn of gross receivables.{{cite news|agency=Reuters |url=https://www.theguardian.com/business/2011/mar/01/barclays-buy-egg-credit-card |title=Barclays to buy Egg credit card | Business | guardian.co.uk |publisher=Guardian |date= 1 March 2011|access-date=24 September 2012 |location=London}} They intended to integrate those customers within their own credit card arm.
At the time of the announcement, Citi said it was "committed to working with Barclays on a seamless transfer of the customer accounts, ensuring continuation of the high level of service to which customers are accustomed".{{cite news|url=https://www.bbc.co.uk/news/business-12612927 |title=BBC News - Egg credit cards bought by Barclays bank |publisher=Bbc.co.uk |date=1 March 2011 |access-date=24 September 2012}}
=Analog Analytics=
In June 2012, Barclays acquired Analog Analytics, a digital coupon and daily deal business similar to Groupon.{{cite web|last1=Bigelow|first1=Bruce|title=Barclaycard Acquires Social Couponing Startup Analog Analytics|url=http://www.xconomy.com/national/2012/06/04/barclaycard-acquires-social-couponing-startup-analog-analytics/|website=www.xconomy.com|date=4 June 2012 |access-date=6 April 2015|ref=LN1}}{{cite web|last1=Kamanec|first1=Kara|title=Barclays Group PLC Member, Barclaycard, Purchases Analog Analytics|url=http://www.dailydealmedia.com/726barclays-group-plc-memeber-barclaycard-purchases-analog-analytics/|website=www.dailydealmedia.com|access-date=6 April 2015|ref=LN2|archive-date=14 July 2015|archive-url=https://web.archive.org/web/20150714055141/http://www.dailydealmedia.com/726barclays-group-plc-memeber-barclaycard-purchases-analog-analytics/|url-status=dead}}
= The Logic Group =
In September 2014, Barclays announced it was going to acquire The Logic Group,{{Cite web|url=http://www.the-logic-group.com/pressrelease/Barclaycard-to-acquire-The-Logic-Group|title=Barclaycard to acquire payment and loyalty specialist The Logic Group|archive-url=https://web.archive.org/web/20160517011945/http://www.the-logic-group.com/pressrelease/Barclaycard-to-acquire-The-Logic-Group|archive-date=2016-05-17|url-status=dead}} a managed payment and loyalty business. The acquisition would enable Barclaycard's clients to benefit from The Logic Group's single platform transaction processing capabilities, alongside data insights, which would allow merchants to better target their services to customers.
In late 2014, Barclays confirmed that the Logic Group acquisition has been finalised.{{Cite web|url=https://www.home.barclaycard/news/barclaycard-to-acquire-the-logic-group.html|title=Barclaycard to acquire The Logic Group}}
References
{{reflist|2}}
External links
{{Portal|Banks}}
- [http://www.home.barclaycard Barclaycard Webpage]
{{Barclays}}
Category:Financial services companies established in 1966
Category:Financial services companies of the United Kingdom
Category:Credit cards in the United States
Category:Payment card services companies
Category:1966 establishments in the United Kingdom