Barclays Credit Business Reaches Milestone

[Sep 17, 2007.]

 

Barclays has become the fastest-growing credit card issuer in the U.S., based on figures just released by the company.

Barclays' credit card business has now exceeded $5 billion, with the number of accounts quintupling in just two-and-a-half years. The number of Barclays credit accounts is now more than 3.5 million. Meanwhile, its list of partnerships now includes U.S. Airways, Barnes & Noble, BJ's Wholesale Club, Travelocity, and Carnival Cruise Lines. Barclays now has more than 1,400 workers on its credit division roster—a significant increase over its 2004 total of 400.

In a news release, the CEO of Barclays U.S. credit card division, Lloyd M. Wirshba, said, "Barclays' phenomenal growth is a direct result of delivering on the promises we make to our partners and cardholders. We pride ourselves on creating innovative credit card offerings and providing high-quality customer experience with every interaction. Surpassing the $5 billion milestone is truly a significant point in our history, and with our current momentum, Barclays will soon be listed among the top ten issuers."

In response to its growth, Barclays has unveiled a high-tech customer service center in Colorado Springs, Colorado. It's also expanded a customer service center in Wilmington, Delaware to handle the upsurge in business.

Barclays is known for its high-tech innovations, including hand-held scanners that are placed in stores for instant credit approvals. It also boasts investment account-linked reward programs and dual-purpose combination membership/credit cards. It's expected that Barclays' growth will continue in the months ahead.

Barclays has its headquarters in Wilmington, Delaware and has partnerships with dozens of travel, entertainment, and retail outlets. The company is considered a global financial services entity involved in not only issuing credit cards, but also investment banking and investment management. The company currently operates in more than 50 countries and employs more than 127,000 workers worldwide.

Julie Ann Amos
September 17th 2007

Recent News

• Foreclosures in the U.S. on the Rise Again
  The number of individuals forced into home foreclosure is rising. Statistics show that the foreclosure rate jumped 9% in July over the previous month's totals. When compared with last year, the foreclosure rate is up an astounding 93%. [17th September 2007]


• Mastering Money
  For a teenager, turning 16 means nabbing that first drivers' license, securing that first job, and earning that first paycheck. But it can also be an age of rude awakening, as a teen must, often for the first time, deal with money matters. [17th September 2007]


• Credit Card Customers Face Debt Trap
  A New York think tank has determined that many credit card customers are trapped in what is being described as a "dangerous cycle of debt." As a result, their financial security has been seriously compromised.[13th September 2007]


• U.S. Economic Problems Have Worldwide Effect
  The high default rate among U.S. homeowners is not simply a domestic problem. There are distinct indications the housing crisis is also having an impact on world financial markets. [13th September 2007]