Barclaycard Tests New Combinations - Loan and Credit Card
Credit card company Barclaycard are testing a new combination of loan and credit card
25th March 2005
Around 100,000 Barclaycard customers are being offered the chance to test a new product which combines a credit card and a personal loan.
The product, named Combinations, is used like a normal credit card but 3 times a year the customer can shift some or all of the balance to a different 'pot' which has a lower interest rate, and flexible repayments above a minimum amount.
In essence, it operates like using a flexible loan to repeatedly clear your credit card balance.
In contrast to other balance transfer deals, payments to the new Barclaycard will clear the most expensive debt first - in this case the credit card balance - which will in theory allow quicker and cheaper debt clearance.
If the test is successful it's expected that the Combinations card will be made available to the wider public.
The new product is part of Barclaycard's ongoing rebranding and revamping exercise, after a string of public relations gaffes in recent years.
Read More: Money Guardian
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