Barclaycard has sent a summary of changes to all cardholders, some of it has to do with increasing the late fee and returned payment fee and also what the minimum monthly payment is (this doesn’t affect all cardholders, but will affect the Sallie Mae Barclaycard for example). You should be paying your credit card off in full every month, so I won’t focus on this at all.
What I did find interesting is that they are making the following change:
We are updating the “Credit Information” section of your Cardmember Agreement to notify you that we may from time to time obtain employment information and income data from third parties to assist us in the ongoing administration of your account.
Employers need to be opt in to share this data with the third parties Barclaycard is talking about, so not everybody will be affected by this change. It’s not a significant change for most people, as long as the income you’ve listed on your applications is the same as what’s listed on the third party websites.
Some people have been known to inflate their income to help get approvals and credit limit increases, which is obviously a practice Barclaycard would like to stamp out to reduce their delinquencies with card holders. It’s also entirely possible that Barclaycard will also start requesting 4506-T forms like American Express and Citi do for their financial reviews.
Make sure you always list your accurate income on your applications and you shouldn’t have any issues.
