BarclayCard Interest Rate

mparter

I was surpirsed to receive a BarclayCard throught the post this morning. It's a BarclayCard Initial and the limit is £2000 with a 25.9% rate.

What I'd like to know is, does the rate come down after you've been using the card for a bit? Or do you have to switch cards?

blacksta

hell No

That Credit card targets those with poor or little credit history similiar to the capital one with 29.9%.

I would advise that you ditch the card as i smell trouble. I am also shocked to hear you say you were sent a card without needing to apply that seems very strange

grumbler

mparter wrote:

I was surpirsed to receive a BarclayCard throught the post this morning. It's a BarclayCard Initial and the limit is £2000 with a 25.9% rate.

If you pay balance in full every month, interest rate is absolutely indifferent for you.

What I'd like to know is, does the rate come down after you've been using the card for a bit?

Very unlikely and only if you threaten them with closing account. If this is your first credit card use it to build your credit file (be very carefull with credit limit and payments!), then try applying for a better card.

Rafter

I'm sure the rate will come down.

The whole point of these cards is that they are for people with no credit history or a poor credit history and therefore initially high risk for the bank.

Use it, pay the balance in full each month and then give them a call after about 6 months and see if they will put you on a more standard product (and APR)

Worth checking your credit file if you think you should have been offered a more mainstream card. It could be that you have moved recently, aren't on the electoral roll, have bad neighbours, are too young, don't earn quite enough, forgot to pay a bill a couple of years ago, or just an error on your file.

All these kind of things are taken into account when making a credit decision.

R.

Phonix

I'm thinking of ditching my barclaycard even though I pay off the whole balance every month.

I'm simply not happy with their blatent profiteering by raising their interest rates and therefore preying upon those who are completely locked in.

mparter

blacksta wrote:

hell No

That Credit card targets those with poor or little credit history similiar to the capital one with 29.9%.

I would advise that you ditch the card as i smell trouble. I am also shocked to hear you say you were sent a card without needing to apply that seems very strange

On reflection, it does sound like they sent me a card without applying. I did apply for it but didn't think I would get it as I have a couple of defaults from 2/3 years ago. My own bank whom I've had loans with and an overdraft wouldn't even give me one!!

I'm intending to spend on it and clear it each month. I'll give them a phone after 6 months if nothing has changed.

They've put me on the highest APR, but they've also given me the highest credit limit for that card. So I must be a potential risk.

Matt83UK_2

We've received actual physical credit cards from Virgin (afte cancelling 2 years ago), some dodgy 29.9% outfit and somewhere else, all without applying (or reapplying in case of Virgin), must be some dodgy trick, perhaps past credit agreements are enforceable (perhaps even if shared with partner companies?).

tattooed_lady

mparter wrote:

On reflection, it does sound like they sent me a card without applying. I did apply for it but didn't think I would get it as I have a couple of defaults from 2/3 years ago. My own bank whom I've had loans with and an overdraft wouldn't even give me one!!

I'm intending to spend on it and clear it each month. I'll give them a phone after 6 months if nothing has changed.

They've put me on the highest APR, but they've also given me the highest credit limit for that card. So I must be a potential risk.

I was told by Barclaycard CS that they will only consider lowering the apr after 12 months of use, anyone know if that's the case?