PRLog (Press Release) –
Feb 19, 2008 – Goldfish has now exited the UK credit card market less than two weeks after fellow US credit company Egg banned 161,000 of its customers from running up further credit bills.
Goldfish brand owners Discover Financial Services (previously a part of Morgan Stanley) sale of the business to Barclays serves to highlight the current condition of the UK credit market, and the difficulties credit companies are seeing in turning over a profit.
Barclays will pay £35 million for the Goldfish client base, who's outstanding balances amount to £2 billion.
Barclays plans to incorporate Goldfish into Barclaycard, its current international credit card operation of 17 million customers worldwide, however it has not yet been decided whether it will retain the Goldfish brand.
