Barclaycard Initial: how long to reduce APR and increase credit limit?

Gigabit

I got the Barclaycard Initial card in early November.

My APR on the card is 34.9% and my credit limit is £400. When will these be changed?[STRIKE] I would like to at some point buy a phone so I am considering using my card but not at 34.9% and the credit limit will be too low anyhow.[/STRIKE]

How long does it normally take for things to improve and how long will it take my credit score (I know a fairly useless indicator but I am still curious) to increase?

grumbler

Even @20% it's crasy to borrow for buying £500+ phone.
If you don't have cash you simply can't afford it.

My apologies for going OOT.

Gigabit

Disregard the phone question, that was only something I was considering. Would you be able to answer my main question(s)?

GTR_King

When you get barclaycard Initial if you keep paying your balance off each month in full... Your APR will go down & your credit limit will go up.

My credit limit was £1,200 now it's going up to £1,600 I opened account in August...


you can ring them to see what they can do for you...

john1002

If you've had the card more than 6 months apply to increase your limit online, put the maximum you want and three outcomes will happen, you'll get your limit, they will offer a lower one or you will get declined. No way on the forum we will know but do let us know how you get on, lower APR probably after 12-18 months and you can ask or look to close account in hope they want to keep you and accept a lower APR.

Good luck

John

Gigabit

I notice that Barclaycard actually says they'll reduce the rate within 12 months:

If you always pay on time and stay within your credit limit we’ll reduce your interest rate within 12 months...

A4445

I was accepted for Barclaycard Inital last October, I had an email that said " if you stay within your credit limit and pay on time well will increase your limit after 6momths and reduce the interest rate within 12months" I'm paying in full every month!

Gouki7851

Credit limit increase will likely be after 6 months, then every 3 months if you request it. Interest rate could go down by a max of 8% per year depending how you manage the account, regarding credit score once the limit is over 1k it will increase rather than lower it but keep the balance low around 30% is probably best, as high utilisation will hurt the score quite alot. (bearing in mind only you see the score)

MadMat

I've had a barclaycard initial for two years now, I've never missed a payment, have occasionally carried a balance, but always paid more than the minimum when I do, my credit limit has gone from £250 to £6.5k but the APR has stayed at the same 29.9 it was when I first opened it. A recent call to customer services confirmed that it's not likely to change in the near future either.

OTOH my Aqua advance is now down to an APR of 24.9 over the same two years . . . .

baz8790

I have had an initial account since 2003 and my APR is also at 29.9%

I have paid the balance in full every month since around 2009.

I changed to the cashback dual cards last week but the APR will remain the same.

Doesn't bother me at the moment as i haven't paid them any interest in years. They do offer me purchase plans and balance transfers at lower rates.

Mummyto4kids

I've had one for 8 months, they have just raised my limit from £1200 to £1600 and have offered me 0% balance and money transfer deals for 14 months, the APR hasn't changed but I pay it in full anyway, I took it out to establish a credit record for myself so the APR doesn't concern me that much