Barclaycard Flexi-Rate Credit Card holders repay more

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Barclaycard Flexi-Rate Credit Card holders repay more

Wed 7th Jun 2006

Customers who have a Barclaycard Flexi-Rate Credit Card are repaying their balances more quickly, according to figures released today.

Figures show that half as many customers habitually make only the minimum repayment, as with a standard credit card.

The Barclaycard Flexi-Rate Credit Card was launched last October and since then Barclaycard has been analysing repayment behaviour.

Barclaycard says that changing repayment behaviour saves money and that continually making only the minimum repayments can mean customers end up paying far more interest over a much longer period.

James Le Brocq, Head of Barclaycard UK Credit Cards, said: "Flexi-Rate is doing exactly what it was designed to do, encouraging people to pay back sensibly. Increasing the amount you pay back each month can dramatically reduce both interest costs and the time it takes to repay."

Typical APR on a Barclaycard Flexi-Rate Credit Card is 16.9 per cent and is dependant on having a good credit history.

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