Barclaycard Raises Rates
Credit card company Barclaycard raises interest rates for its 9 million customers
3rd October 2005
The UK's largest and oldest credit card issuer, Barclaycard, is to raise interest rates for its 9 million customers, despite the fact that the Bank of England base rate was lowered in August with a further cut expected by the end of the year.
The rate hike, which could be as much as 2% for some customers, is being blamed on higher costs resulting from bad debt, as more Barclaycard customers get behind in their repayments. The company's profits have recently fallen by 17% as more funds were set aside to cover the costs of defaulting customers.
Barclaycard has made no official announcement of the rises, but will write to each of its customers individually, with the size of the rise varying according to each customer's current rate.
The rise will take effect in November.
Read More: Money Guardian : Barclaycard raises interest rates
|
Products from Barclays : Platinum, Business, Flexi-Rate, Initial, Simplicity, Home Insurance, Car Insurance, Regular Saver, Student |
Home - Credit Cards
