Barclaycard launches pre-application credit check
Barclaycard has launched a new online service that allows potential customers to check their eligibility for a credit card without damaging their credit rating.
The pre-application check allows consumers to find out whether or not they are likely to be accepted for a specific Barclaycard credit card.
Using the service leaves a search footprint on the customer’s credit file, Barclaycard said, but will not damage their credit rating or affect their eligibility to receive credit in the future.
“The check can be completed in a few minutes and gives consumers a good indication of whether their application will be accepted,” said Amer Sajed, chief executive of Barclaycard UK.
Martin Lewis, founder of consumer advice site MoneySavingExpert.com, said the service puts an end to a “nightmare scenario” where people who need credit are penalised for applying for the best credit card deals.
“When typical rates are advertised it only means 66% of accepted applicants get that rate,” he said
“So if the rate offered is higher than the typical – and you don’t want the product – you’ve less chance of getting the product elsewhere.
“This innovation is a small step towards solving that, though it would be better to change the entire process.”
Since the service was launched last month, 4,000 potential customers have used it to work out if they’re likely to be accepted for a Barclaycard.
Barclaycard has nearly 12 million customers in the UK. In August, the provider launched a new online service to give customers better control of their accounts.
Visited 2816 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.