Barclaycard 'will not ditch risky cardholders'
Barclaycard will not "do an Egg" and dispose of any nonperforming accounts when it switches its recently acquired Goldfish and Morgan Stanley customers over to Barclaycards, it has said.In one of the largest credit card transfers in the UK, a range of new Barclaycards are currently being sent out to 1.7m customers the card issuer attained through the purchase of Discover Financial Services six months ago.
Announcing the switch, Barclaycard said that it has acquired an outstanding receivables portfolio worth about £2bn and is continuing relations with every customer regardless of their defaulting status.
"We are not looking to do what Egg did," said James Cooke, head of public relations at Barclaycard. "We will honour every contract and all APRs will remain the same"
He added that only when those contacts end will Barclaycard offer customers deals in line with its behavioural scoring.
Barclaycard are also continuing its drive of contractless cards by switching around one million of the migrating customers over to the "touch and go" way of paying.
Replacing the Discover portfolio of 11 credit cards, including the Goldfish Rewards and Morgan Stanley Cashback cards, will be nine new and existing Barclaycards, three of which will be contractless. One of the new products, Barclaycard Goldfish, will see the old Goldfish name and imagery retained, as well as an enhanced rewards programme.
"The card portfolio we acquired included one of the best-known reward schemes in the UK," said Amer Sajed, managing director of UK cards at Barclaycard. "We wanted to take advantage of this heritage."
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