Barclaycard freezes interest rates until June

| February 5, 2009 | 0 Comments
Barclaycard freezes interest rates until June

Barclaycard has announced a four month interest rate freeze for all UK personal customers.

Barclaycard holders will not have their interest rate increased before June, whilst around three million ‘low risk’ customers will have their interest rate reduced by between 2.5 and 5 percentage points.

The credit card provider said it is still committed to risk based pricing, but is choosing to freeze rates in a bid to help customers struggling in the difficult economic climate.

With people across the UK straining to keep up with financial demands, Barclaycard has also launched a new helpline for customers in financial hardship.

Borrowers who call the helpline and actively work with Barclaycard advisers will be given two months grace if they miss payments.

A statement from the company said debt collections advisors are being trained “to ensure that all customers in difficulty are treated with compassion, empathy and respect.”

In addition, “Barclaycard will work with each individual customer to find the best way of helping them which may include reducing interest and fees as well as long term repayment plans.”

Antony Jenkins, Barclaycard chief executive, said: “We recognise that 2009 is going to be a difficult year for many people and want to do what we can, when we can, to help our customers.”

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