Barclaycard....reducing cost

dazzaofdagenham

Hi
My friend has a barclaycard initial with a credit limit of 3900 and has been running close to his credit limit for a while, and interest is about 80 quid a month.
So I said to him, send them a message asking if they would apply a promotional interest rate to his balance. They wouldn't

Next, he sent a secure message saying that he had secured a promotional rate with another provider ( false ) and was looking to close his account.
Well, a phone call came and they offered his a reduction in his interest rate down to 21.9% and suspension of interest for a month.

Bit of a result ?

Paully232000

If he cannot get another card to BT to, I guess any reduction is better than nothing.
What was his APR prior to 21.9%, was it 34.9%?

edit: sorry, it is 34.9%, didn't see you had written Initial.
Did they transfer him to a freedom card?

[Deleted User]

Possibly.

As long as the suspension of interest hasn't been recorded as an arrangement.

dazzaofdagenham

Paully232000 wrote: »

If he cannot get another card to BT to, I guess any reduction is better than nothing.
What was his APR prior to 21.9%, was it 34.9%?

edit: sorry, it is 34.9%, didn't see you had written Initial.
Did they transfer him to a freedom card?

Think it was 29.9% as they said the interest rate was reduced my 8%

dazzaofdagenham

Deleted_User wrote: »

Possibly.

As long as the suspension of interest hasn't been recorded as an arrangement.

A gesture I am on the understanding, will probe his statement when it comes in

meer53

I'm with zx81, may not be such a good idea if they've recorded it as a plea for help.

dazzaofdagenham

Ok, will emails to double check

dazzaofdagenham

Ok just a update on this

June statement shows

Single standard 26.43% ( 29.9% compound )

July statement shows

Single standard 18.43% ( 20.1% compound )
And they haven't charged any interest on July statement.

So far a bit of a result, not sure how this is recorded on credit files, but will leave for a while and get him to show me the august statesment and check credit file after that

Thanks all