Barclaycard Ordered to Withdraw Advertising
Barclaycard panned for misleading advert, with immediate withdrawal ordered
20th November 2003
Credit card issuer Barclaycard was this week ordered to withdraw their advertising campaign, after the Office of Fair Trading ruled it to be illegal and misleading.
The credit card company had been promoting a '0% For Life' deal, which at first glance allowed customers to transfer over debt from other credit cards and avoid paying interest on the transferred amount forever.
What the advertising failed to make clear, according to the OFT, was that significant conditions were attached.
Customers had to spend a minimum of £50 a month on the card, which would be charged at Barclaycard's normal interest rate. However, repayments made would only go towards repaying the transferred balance - leaving the £50 a month to build up and attract interest.
While agreeing to withdraw their advertising material, Barclaycard have made it clear that they do not agree with the OFT's conclusions.
Read More: BBC News Report, Office of Fair Trading Report
|
Products from Barclays : Platinum, Business, Flexi-Rate, Initial, Simplicity, Home Insurance, Car Insurance, Regular Saver, Student |
|
More on Marketing and Advertising : Barclays in Court Fight Over Slogan (News, 21/10/2005), 60% Loan Adverts Breaking Rules (News, 29/09/2005), Business Banking Advertising Row (News, 19/05/2005), New Credit Card Advertising Rules (News, 01/11/2004), FSA Hotline for Misleading Advertisements (News, 06/07/2004), See all 11 Marketing and Advertising stories >>> |
|
More on Office of Fair Trading : Credit Card Charges 'Excessive' (News, 26/07/2005), Banks Ordered to Speed Up Money Transfers (News, 25/05/2005), OFT Warning Over Advance Fees (News, 05/01/2005), Up to Half of Loan Adverts Illegal (News, 18/06/2004), OFT Investigation into Debt Consolidation Loans (News, 12/03/2004) |
Home - Credit Cards
