Barclaycard Reducing Credit Card and Loan Interest Rates

Fri, 06 Feb 2009

Barclaycard has announced it is to cut interest rates on some of its products, whilst freezing rates on others. The cut will benefit almost 12 million Barclaycard customers, with 3 million customers enjoying a reduction in credit card interest rates of between 2.4 and 5 per cent.

Martyn Saville, of credit card expert Which?, said, ‘We welcome this first step towards realistic interest rates on credit cards - this is hopefully a sign that credit card companies are finally re-entering the real world with the APR they charge their credit card customers. The Barclaycard Simplicity Visa Card has been a Which? Best Buy for everyday use for months and Barclaycard's new move is to be welcomed. We hope that other providers will follow suit and that Barclaycard will cut its rates yet further to help embattled consumers. With the Bank of England base rate now at just 1%, there is still a very long way to go.’

Andrew Hagger, of Moneynet, said, ‘Since rate cuts on credit cards have been rare over the last few months, and in some cases rates have increased, you could argue that providers now have some room for manoeuvre, considering base rate has fallen by 3.5 per cent in the last four months.’
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form