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After pressure the UK government it appears that Barclaycard are set to announce an interest rate freeze on their popular credit card, which could mean a possible payment reduction for some 12 million customers.
This latest announcement comes at a time when credit card companies in the UK are being accused of not passing down the recent interest rate reductions to their customers.
The Government has today notified the major credit card companies that they have two weeks in which to cut their interest rates or face possible formal action.
With more and more UK taxpayers being pushed into financial difficulties by the increasing cost of finance, Gordon Brown and Alistair Darling are expected to take a more direct approach with the credit card companies – a start contrast to their recent softly softly approach to the banking sector.
In a meeting today at Whitehall, Business Secretary Lord Mandelson is expected to warn the major credit card companies that they must put an end to their rip-off interest rates.
Despite a fall in the base rate, credit card companies are still raising their interest rates – a move that supposedly ‘appalls’ the Prime Minister Gordon Brown.
Millions of current Goldfish and Morgan Stanley credit card customers will receive their newly revamped Barclaycards in the mail this month.
The new card designs will still feature the Goldfish design but will also include the Barclaycard brand.
According to some industry experts, credit cards could be getting scrapped in favour of ‘contactless payment technology’.
Within 5 years it is believed that many of our highstreet purchases will be made either using mobile phones, key fobs or even fingerprints.
After pressure the UK government it appears that Barclaycard are set to announce an interest rate freeze on their popular credit card, which could mean a possible payment reduction for some 12 million customers.
This latest announcement comes at a time when credit card companies in the UK are being accused of not passing down the recent interest rate reductions to their customers.
The Government has today notified the major credit card companies that they have two weeks in which to cut their interest rates or face possible formal action.
With more and more UK taxpayers being pushed into financial difficulties by the increasing cost of finance, Gordon Brown and Alistair Darling are expected to take a more direct approach with the credit card companies – a start contrast to their recent softly softly approach to the banking sector.
