Barclaycard Flexi-Rate, the simply charge card that charges the moo rate of interest to client world health organization pay off the higher proportion of their balance every month, is lowering its APR & offering customers a recently 0% balance transport treat.
From either 9th October, Flexi-Rate will offer interest loose charge plate facilities for Xii months in balance transfers (Ii.5% balance transport fee) & the lower berth typical APR of Xiv.9%, down from either 16.9%. The changes will enable cardholders to reduce borrowing costs in other credit cards by shift to Flexi-Rate.
Barclaycard figures show that Flexi-Rate is encouraging cardholders to manage their borrowing responsibly and save money. Flexi-Rate has reduced a proportion of client that repay exclusively a minimal repayment* by half, reducing a period taken to pay & the overall interest charged. What’s extra, client are twice when potential to repay to a higher degree 10% of their outstanding balance monthly, reducing a rate of interest charged to Ennead.9%.
Flexi-Rate and a up to date balance transport offer will feature inside Barclaycard’s latest televisiin ad blitz, which launches on 9th October. The campaign welcomes ii new faces to the Barclaycard br&; actors Julian Rhind-Tutt and Stephen Mangan, better known for their roles in the recent Channel Four comedy show, Green Wing.
Amer Sajed, Managing Director Barclaycard UK Cards, commented: “I am delighted that Flexi-Rate is continuing to vary a way cardholders manage their borrowing. These are clear from either our findings that using the card in that way has a caring effect in borrowing costs. By opting to handle their debts further responsibly, client come rewarded by paying less interest and with a period taken to clear their balance reduced.”
Notes to Editors:
- * Findings are from either analysis & comparison of cardholder repayment behaviour of Flexi-Rate & non Flexi-Rate client between October 2005 & July 2006. Barclaycard found that Flexi-Rate halved a proportion of cardholders that opted to pay their minimal repayment concluded sestet sequentially months.
- Changing repayment behaviour saves money. For instance, the customer borrowing £1,000 on a credit card (15.9% APR) & repaying just the minimum monthly would take Twenty-one years & 3 months to repay & pay £1,400 in interest. A equivalent £1,000 borrowed on Flexi-Rate and re-paid at 10% per month would take 4 years and 6 months and cost £110 in interest, a saving of £1,290.
- Barclaycard Flexi-Rate charges the lower rate of interest to victims client world health organization pay off the higher proportion of their balance. Customers world health organization remuneration more than 10% of their each month balance come charged an rate of interest of 9.9%, those world health organization earnings to a higher degree 5% are charged 12.9%. Customers world health organization opt to pay to a lesser degree 5% (minimum 2.25%) are charged Fourteen.9%.
- Barclaycard Flexi-Rate is available through the Barclaycard website
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Astir Barclaycard
Barclaycard occurs as multi-br& international charge card and consumer lending business; these are one of a leading card businesses around Europe.
In the UK, Barclaycard manages the Barclaycard branded charge plate & more non-Barclaycard branded card portfolios including Monument, SkyCard & Solution Portable Finance. Around consumer loaning, Barclaycard manages each secured & unsecured loan portfolios, across Barclays branded loans, existence mostly Barclayloan, & too through the FIRSTPLUS & Clydesdale Financial Services businesses.
Outside a UK, Barclaycard will bring charge plate in the United States through Barclaycard Me, Germany, Spain, Italy, Portugal, Scandinavia and across Africa.
Barclaycard Business processes card payments for retail merchant & issues purchasing & credit cards to business client.
Key Facts
Number of Barclaycard UK customers 11.2m
Number of retailer relationships 95,000
International cards in issue Quintet.3m
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