Barclaycard minimum payment reduction letters

solventsoon

Hello,
New on her and just spotted this thread. I've had the letter also and I pay much more than minimum each month. I was annoyed at receiving the letter also and rang them to complain and refuse their "kind" offer!

Seems to me they're trying to tempt people to leave outstanding balances open for much longer thus attracting more interest...

Oh well, guess they have to pay for their bonuses somehow!:eek:

Katy_M_2

I have a Barclaycard and have not received one of these letters.

I've been in the same situation as Izools though, used the card for a balance transfer deal after moving into a new flat and finances being stretched to limit, for the first few months I could only afford to pay just over the minimum, I paid off a few bigger chunks when I could and my limit was reduced to £2150. Which I don't mind at all, apart from that I was trying to get my % of total credit used down to below 70% and the reduction in my limit kinda put a spanner in the works with that

It would be very handy to me if the minimum payment was reduced for a few months so I could pay off my Capital One Card and Overdraft (£100 each) and then I could concentrate on paying off larger chunks to Barclaycard.

I think it would be helpful to people who needed to improve their cashflow for a few months and wanted to concentrate paying off something else first, but I can understand that it could get some people into trouble as it would take them longer to pay off their debts.

However, Barclaycard clearly state on their statements that only paying the minimum amount will mean that the debt takes longer to pay off.

In my opinion I think they are doing people a favour by offering them a lower minimum payment, at the end of the day - it is your choice whether you only make the minimum payment each month.

loopy.magic

I'm in a similiar situation where I could use a reduction in my barclaycard minimum payments to focus on reducing other debt first.

However my situation is slightly different, my 2 barclaycards have balances on them at a promotional 6.9% for life, am I likely to still receive these letters?

Stinkybell

loopy.magic wrote: »

I'm in a similiar situation where I could use a reduction in my barclaycard minimum payments to focus on reducing other debt first.

However my situation is slightly different, my 2 barclaycards have balances on them at a promotional 6.9% for life, am I likely to still receive these letters?

Goodness knows! Let us know if you do get one tho...