Should I wait to apply for the Barclaycard Arrival?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Location: Grand Forks, ND

Postby otter » Wed Mar 12, 2014 9:16 pm

MemberSince99 wrote:I'd be worried about that Duck Card too since you aren't a member of OCCU (and can't be, not living in their service area). I'm surprised you still have that. As flaky as they are, I would not trust them. Maybe that should be the first to go before Wells Fargo and yeah I know WF is pretty bad. You are putting together a nice collection of cards.

My scissors are eyeing the Duck Card as well, but I'm not so worried about them cutting me off after talking to a friend of mine from Denver who used to be a banker. What probably really scared OCCU was they had all these people who got the Duck (or Beaver) Card for utilization and then sockdrawed it. OCCU wasn't making any money off of them BUT they had to pretty much allocate 6 digit, maybe 7 digits worth of cash- just in case a bunch of people with 10k-20k all decided to max out their accounts all at once. So that money was sitting there doing nothing (or making very little, I guess). The way my friend explained it... cash on hand is a liability for banks, not an asset like it would be for the rest of us.

That actually made sense- a lot of the people on FICO who had AA done by OCCU mostly said, "I activated the card three months ago and used it for the first time today and it was declined." I actually used it heavily the first month and so they at least got some swipe fees from me. I still have an $800 balance and am in no hurry to pay it until the 0% interest runs out so maybe they think they'll get interest off of me.

Mind you, I'm not defending OCCU. They did a great job marketing their card but didn't bother to plan for what might happen, did a terrible job in assessing risk, and did an absolutely horendous job by lying to everyone about what they were doing after they decided to scale back. Definitely a terrible way of doing business, but I'll take their $800 interest free loan until the 0% apr runs out, I close the card, or they AA me. I won't have the card by the end of the year...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Location: WI

Postby MemberSince99 » Thu Mar 13, 2014 6:52 am

Yeah that's true. However, I use my Associated card sporadically, sometimes a lot in one month sometimes just the 8 dollar Neflix fee (but always at least the Netflix fee). So I have a big limit with them, and they have money tied up, and they aren't making as much as they really should be off that card as well. When I called them to close it I told them I was looking to establish myself with the bigger players in the industry and I probably wouldn't spend that much on the card and they might be sorry if I kept it (they were trying to retain me) and the analyst said that was ok. At least I was honest. I feel bad as the rewards are better than most cards I have, the CS is all American (though it's slow to reach them being Elan/US Bank) and they gave me a great limit, but I want to grow a nice lineup of cards so that's just what I have to do for now. Once I've grown those cards I'll eventually come back to it. But right now I'm not really worth it as a customer to them, just being totally honest. I guess they are willing to wait.

OCCU is a bunch of scumbags. Really and truly. If they told me it was raining, I'd want to check a window.

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