Barclaycard Platinum Visa

lisasmith61

Hi Everyone,
I'm new to this site, and to forums so i hope i'm doing this right.
I had a credit card with Monument, but it changed to Barclaycard. I recieved a new card and the statements are from BC. Why are the interest rates still the same. I have looked on MSE site and BC interest rates are half of what i'm being charged. Can someone please help me?

ICan'tStandIt

Hi Lisa

Monument are a sub-prime lender and, therefore, it's interest rates are higher as their customers typically are seen as high risk - I'm not trying to offend you by saying that, but that's the way they do business.

Barclays sold Monument in June 2007 to the US based company, Compu Credit. Barclays kept the customers it wanted and left the rest for Compu Credit to deal with, that's why Monument still exists.

Barclays would have kept all the interest rates the same, so if I were you I would pay it off and start again somewhere else.

Hope this helps.