Credit Card Help

Barclaycard To Introduce Interest Rate Freeze

admin — Thu, 05 Feb 2009 12:47:37 +0000

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.

Barclaycard have also revealed their promise to work closer with customers who are in financial difficulties. They now provide a dedicated advice line for customers and have promised not to chase customers in arrears for at least two months.

Credit Card Companies Given 2 Weeks To Cut Interest Rates

admin — Thu, 27 Nov 2008 13:33:03 +0000

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.

Credit Card Companies Warned To End ‘Rip-off’ Interest Rates

admin — Wed, 26 Nov 2008 15:24:39 +0000

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.

Lord Mandelson and Consumer Affairs Minister Gareth Thomas are expected to demand an end to these aggressive interest rate tactics that come in to play when consumers fall behind on their payments.

A recent study in this area revealed that on average credit card interest rates have grown from 16.8% to 17.2% in the past three months alone.

Barclaycard begin issuing new Goldfish cards to customers

admin — Mon, 15 Sep 2008 16:26:13 +0000

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.

The move follows Barclay’s recent acquisition of U.S based firm Discover. The current reward schemes in place for the Goldfish and Morgan Stanley will remain.

Amer Sajed, managing director of UK cards at Barclaycard, says: ‘This opens the door for us to bring rewards back into Barclaycard.’

Barclaycard had previously withdrawn from the Nectar points programme back in 2005.

Could ‘contactless payment technology’ make credit cards a thing of the past?

admin — Sun, 14 Sep 2008 17:01:11 +0000

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.

‘The chips on credit cards now have incredible untapped capability but the plastic around the chip limits its potential,’ said Barclaycard chief executive Antony Jenkins.

‘Take the plastic away and the possibilities are endless, allowing the customer to pay by using something that they are already carrying, be it a mobile, key fob or even via biometrics.

‘In time you won’t have to carry a plastic credit card around with you if you don’t want to, although some people will choose to for nostalgic reasons.’

The news comes as Barclaycard recently announced it’s plans to invest millions into the development of ‘contactless payment technology’.