Barclaycard announces interest rate freeze

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Barclaycard announces interest rate freeze

Wed 4th Feb 2009

Barclaycard has announced that it will freeze interest rates for all its existing credit card customers for the next four months, regardless of whether or not their risk profile changes.

The credit card provider also said that it will reduce the rates of interest paid by many of its UK customers by between 2.5 and five per cent before the end of the year.

Barclaycard said it remained committed to the principles of risk-based pricing and those who had the lowest risk profiles would benefit most from the cuts.

Antony Jenkins, chief executive of Barclaycard said: "We recognise that 2009 is going to be a difficult year for many people and we want to do what we can, when we can, to help Barclaycard's customers. Today's announcement will assist millions of our customers."

An analyst from Barclays predicted that the Bank of England is likely to cut the base rate of interest by a further 0.5 per cent this week, taking the total reduction to 3.5 per cent since November.

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