Barclaycard interest rates notification

Cookiepops

I've been a customer of Barclaycard for years. I received an email from them to say the interest rate on my card is increasing, from 11.8% to 21.8% !  I understand everything increasing but nearly double! I've always made payments on time. Has this happened to anyone else? I'm looking at changing cards, any recommendations for other cards? Thanks

fatbelly

If you always make full payment on time then the interest rate is irrelevant because you never get charged.

I doubt you will find a credit card with a lower interest rate than 21.8

daveyjp

Looks cheap.  Santander are increasing zero card rate to 23.9%.  However its irrelevant if you always pay in full.

Sea_Shell

Have you also had the notification that they are helpfully reducing the minimum monthly payment to 1% too.

Gives you "flexibility" don't you know...to pay less and accrue even more interest!!

But as you pay off in full each month, that doesn't effect you (or me) either.

I'm sure many borrowers will take them up on their offer mind.

MABLE

I received a letter advising my repayment rate is going down to 1%.  The only way this would be useful if I was in a promotional period. Other than that my cards are cleared each month.

ihatebarclays_2

I have the Barclaycard Rewards card and they emailed me to say they are increasing the interest rate from 16.94% to 25.07% from 22nd July. I always pay the balance in full so it won't affect me personally but this seems like a very steep increase for those who will have to pay.

What's great about the email is (a) it doesn't explain why the increase is so big, and (b) it says "we know there's [sic] other things that could be affecting your finances at the moment" without actually acknowledging that this might affect people's finances too.

Superhoopza

ihatebarclays_2 said:

I have the Barclaycard Rewards card and they emailed me to say they are increasing the interest rate from 16.94% to 25.07% from 22nd July. I always pay the balance in full so it won't affect me personally but this seems like a very steep increase for those who will have to pay.

What's great about the email is (a) it doesn't explain why the increase is so big, and (b) it says "we know there's [sic] other things that could be affecting your finances at the moment" without actually acknowledging that this might affect people's finances too.

Yeah similar to when Santander raised the interest rate, said let us know if you are struggling with your finances, I spoke to them on chat and said (not true but it didn't help) that I wasn't struggling until they raised the interest rate, they told me it can't be changed. So they don't care if you're struggling financially.