Barclaycard to hike minimum payments in major credit card shake-up - MSE News

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Barclaycard customers could see the minimum monthly payment on their credit card jump sharply in January - in some cases by up to a third - as part of a major overhaul of its terms which will also see fees for withdrawing cash and busting credit limits scrapped, plus a total block on gambling...

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'Barclaycard to hike minimum payments in major credit card shake-up'

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bradders1983

Havent credit card payments not been allowed for online gambling transactions in ages?

I suspect lottery purchases in supermarkets will still happily go through though.

Yahoo_Mail

bradders1983 said:

Havent credit card payments not been allowed for online gambling transactions in ages?

I suspect lottery purchases in supermarkets will still happily go through though.

Yes and no.

The ban is on the bookies/casinos rather than the credit card companies and only applies to UK establishments so UK gaming establishments are not allowed to take them but you can just go and gamble on one of the myriad gaming sites that exist in Caribbean islands and the like.

binao

All ads on TV or elsewhere for gambling should be banned.

badmemory

binao said:

All ads on TV or elsewhere for gambling should be banned.

Totally agree, although I think some TV channels would go broke if it was, but that is not necessarily a bad idea either.

sourcrates

Barclaycard have been reassessing their position in the credit card market for some time.

For months now limits have been reduced, accounts closed, new borrowing restricted.

These are strange times for credit card companies, when cash is tight we tend to turn to credit more, but it can be a double edged sword, for lender and customer, as COVID-19 has seen that cash flow all but dry up, what comes next will determine the game for the foreseable future.

cymruchris

I'm all for increasing the minimum percentage payment as a tool to reduce debt more quickly. I'm confident though that there'll be those that will struggle with this change, as they've been paying the bare minimum for a very long time. The principle is good, but there's probably going to be a few threads along the way something along the lines of 'My barclaycard payment has gone from £200 a month to £350 a month and I can't afford it!' - so it'll be interesting how they deal with these cases as they arise. If someone genuinely can't afford to pay the extra - what will the options be? Freeze the account and interest - and then pay it off at the original level until closed I imagine?

Grumpy_chap

badmemory said:

binao said:

All ads on TV or elsewhere for gambling should be banned.

Totally agree, although I think some TV channels would go broke if it was, but that is not necessarily a bad idea either.

That was the argument put against banning cigarette advertising / sponsorship of F1.  It was still banned.  F1 still exists.

binao

Grumpy_chap said:

badmemory said:

binao said:

All ads on TV or elsewhere for gambling should be banned.

Totally agree, although I think some TV channels would go broke if it was, but that is not necessarily a bad idea either.

That was the argument put against banning cigarette advertising / sponsorship of F1.  It was still banned.  F1 still exists.

I never understand  why so many people still smoke.

Many years ago my GP said, "it's a burning question", and gave me a script for patches and inhalers. Not cheap, but a good investment for the NHS.

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cymruchris said:

I'm all for increasing the minimum percentage payment as a tool to reduce debt more quickly. I'm confident though that there'll be those that will struggle with this change, as they've been paying the bare minimum for a very long time. The principle is good, but there's probably going to be a few threads along the way something along the lines of 'My barclaycard payment has gone from £200 a month to £350 a month and I can't afford it!' - so it'll be interesting how they deal with these cases as they arise. If someone genuinely can't afford to pay the extra - what will the options be? Freeze the account and interest - and then pay it off at the original level until closed I imagine?

Interest won't be frozen.

All that will happen if people reject the increase is their card will be closed (or at least frozen to new spending) and they'll continue to repay on the old terms.

The same thing that happens if you reject an interest rate change.

badmemory

binao said:

Many years ago my GP said, "it's a burning question", and gave me a script for patches and inhalers. Not cheap, but a good investment for the NHS.

Perhaps they visited their GP/Practice Nurse & following one of their tick box exercises were told that having given up smoking 30 years earlier had not improved their health.  That really is what I was told & when I challenged it I was told well that is what the computer says.  If it hadn't been for the financial implications I would have started smoking again.  Pity my pension didn't feel the same way, their algorithm obviously believed that I was now totally healthy.