Just noticed this in today’s MSE email.
Interesting. Haven’t had an email about this from Barclaycard yet. Timing could be better as the article highlights in a few tweets. And it’s practices like this that put me off companies.
I’ve been a loyal Barclays and Barclaycard customer for pretty much most of my adult life, but that’s hanging by a thread these days (since they were hold outs on Apple Pay, frankly), and has deteriorated since.
I think I’ll be closing my Barclaycard account this January purely out of principle.
I’m confused. My email from them says:
Here’s an example of how your monthly minimum payment may increase – this assumes you have a balance of £2500.00.
Using an example balance of:
Today’s minimum payment would be:
From 26 January 2021, your minimum payment would be:
(based on the new calculations)
So I would theoretically be paying less?!?!
I got my email about the change over a week ago so they must be sending them out over an extended period
My email lists this figure as £56.81
It will be to do with persistent debt and the article says it doesn’t apply to everybody.
I got an email today and it explained about the change to interest charges on cash withdrawals and the ban on gambling, but it mentioned nothing about any changes to the minimum payment, so it sounds like they’re not changing mine. Probably because I always pay the full balance every month!
Might explain why there’s no change to mine either. Although I got the email RE interest about a month ago, so I wonder if they might be going out separately?
I pay mine off in full each month as well so who knows how they are deciding on the new criteria
I got the same email.
I am on a 0% interest deal until Oct 2021, paying just over minimum on a fixed monthly payment.
I wonder if they will increase mine
Apparently, the % for minimum payment may vary from customer to customer.
You would think that would be a headache to manage at their end too!