Barclaycard - Minimum payment reduction.

Nasqueron

Steve64 said:

I also applied for a balance transfer card, and Barclaycard are still charging me 3.75% minimum payment each month.

I was twice advised on their chat service that it was going to be reduced, but on my last two statements its 3.75%.

I've spoken to Barclaycard and they say all the usual things about, each card is different, each customer is different etc. But none have been able to explain why I don't qualify for the 1% minimum payment rate.

The bottom line is I suspect that new customers with good credit ratings who always pay of balance transfers on time are not going to benefit from the low minimum payment percentage. While those struggling to pay off their debt will get the lower minimum payment rate and will end up paying back more interest.

I would suspect I am a "good" customer given I have always paid my BT off before it expires and have no late/missed payments + I keep using them - I have the 1%. It sounds logical I guess but I really doubt Barclays would intentionally put bad customers on the lower rate purely to hope they don't pay it off and pay interest, the FCA would take them to the cleaners