Barclaycard Interest rate reduction (29.9% to 9.9%)

GandalsStaff

I just thought it worth sharing in case others wanted to do it.


Just managed to reduce my interest rate from 29.9% to just under 10% with a simple call (i've tried once previously and failed when they move the interest rate up last year from 18.9)

I rang up to confirm the bank details to do a bank transfer to (Balance of £6000).
I then asked once paid how do i close my account, asking if i could do it online. At that point they asked why i was closing the account, so i just said i don't like the interest payments (~£120) a month. so they then given 3 options of which the 2 years at 9.9% was the best one and applies to the full existing balance.

Interest payments should now be about ~£40 a month meaning about £80 a month more towards the balance making it easier to clear with a payment of £225 a month (so about £185 + my annual bonus goes towards the balance).