5 October 2006
Barclaycard has introduced a new service on its flexi-rate card which offers nought per cent balance transfers for 12 months.
It is the only credit card product which now charges a lower interest rate to customers who pay off a greater proportion of their balance each month.
It will be available from October 9th and offer nought per cent interest for 12 months on balance transfers as well as a lower typical APR of 14.9 per cent, which is reduced from 16.9 per cent.
Amer Sajed, Barclaycard UK Cards managing director, said: "We are delighted that flexi-rate is continuing to change the way cardholders manage their borrowing.
"It is clear from our findings that using a card in this way has a positive effect on borrowing costs.
"By opting to manage their debts more responsibly, customers are rewarded by paying less interest and having the time taken to clear their balance reduced."
The changes will mean that cardholders can now reduce borrowing on their credit card by switching to flexi-rate.
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