Barclaycard Flexi-Rate to encourage debt responsibility

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Barclaycard Flexi-Rate to encourage debt responsibility

The new Barclaycard Flexi-Rate credit card is being launched next week, and it is hoped customers will take a more sensible attitude to debt by using it.

Taking a new approach to lending, the card rewards customers who pay off a higher proportion of their balance each month by charging them a lower interest rate.

Customers paying over ten per cent of their balance will be charged 9.9 per cent, while those paying the minimum 2.5 per cent will be charged 16.9 per cent.

For those in-between, a 12.9 per cent interest rate will apply.

Keith Coulter, managing director of Barclaycard UK cards and loans, said: "Flexi-Rate puts the consumer back in control and planning for the long term rather than putting off a decision to tackle their debt.

He concluded by saying that the new Barclaycard Flexi-Rate credit card "recognises that both the lender and the customer have an equal commitment to managing debt responsibly".

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