Except for the name of the card, both had the same language: It's the busiest train station of New York City's most populous borough.Ī few weeks after I applied for the Uber and AAdvantage cards, I received letters from Barclays Bank Delaware, the subsidiary that operates the bank's US credit-card business. It owns the naming rights to Barclays Center, the massive indoor arena in Brooklyn, as well as Atlantic Avenue–Barclays Center, the subway station underneath the arena. Barclays has established its US presence in other ways too. It entered the US credit-card market in 2004, with its acquisition of Juniper Bank, and now holds more than $24 billion in consumer credit-card debt.īesides Uber and American Airlines, it issues cards for consumer brands like the National Football League, Frontier Airlines, Barnes & Noble, Priceline, JetBlue, and Apple. But according to their rejection letters, and the fine print on each card's website, they have one important thing in common: They're both issued by Barclays, the British multinational bank.įounded in London in 1690, Barclays is one of the oldest banks on earth. They're associated with different companies and belong to competing payment networks. But two cards turned me down: the Uber Visa Card and the AAdvantage Aviator Red World Elite MasterCard.Īt first glance, these cards have nothing to do with each other. I applied for one card because I saw an online ad for it, another because a credit-monitoring app recommended it to me, and still another because an airline attendant handed me a physical trifold application. My personal process for obtaining credit was essentially random and heavily influenced by advertising. My search for an explanation led to obscure online forums in which credit-card enthusiasts spoke of "blacklists" and "lifetime bans," and to an overlooked corner of the industry that dictates the availability of consumer credit. While the bulk of my efforts succeeded, in a few cases my applications were rejected. Nearly a third of an individual's credit score, as calculated by the Fair Isaac Corp., or FICO, is based on this statistic.
I did so to decrease my "credit-utilization rate," which refers to the percentage of available credit you're using. I had to relearn this lesson last year after I embarked on improving my credit history by applying for a number of cards. Who has access to credit, and how that access is determined, matters a great deal. Most significant, its products underpin the US credit-reporting system, which governs access to home mortgages, automobile loans, and credit cards themselves.
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Certain credit cards offer attractive perks, such as free travel and cash back, while others are more likely to trap consumers in endless cycles of accumulating debt. It aims to protect consumers from fraudulent transactions, volatile incomes, and lost wallets. Shannon explains that the initiative allowed Barclays to do two things: “Give our cardmembers a way to take action and make a difference by donating their loyalty points to charitable organisations, and continue to drive awareness around social justice.Few financial sectors are as deeply embedded in the lives of Americans as the credit-card industry.
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Cardmembers could also redeem points for a virtual meet-and-greet with Pro Football Hall of Fame member and the NFL’s first Black general manager, Ozzie Newsome. To allow contributors to make a greater impact, the NFL Extra Points team ran a six-week campaign in which they topped up cardholder donations by 25%.
The result was a plan allowing members of the NFL Extra Points programme to donate points they had earned to charities known for their work tackling inequality and promoting the economic empowerment of historically underserved communities. Kristin Shannon, Vice President of Travel and Affinity Partnerships, explains that both Barclays and the NFL wanted to encourage customers to take action and support them in doing so. As more and more people started searching for ways to help tackle racial and social injustice, it became clear that Barclays and the NFL could pivot the NFL Extra Points credit card programme.
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