Millions of Barclaycard customers are due an email or letter about a major repayment change starting this summer.
Consumer champion Martin Lewis has issued an urgent warning to everyone with Barclaycard ahead of a major repayment change due to start this summer. The financial guru posted on social media that the credit card giant is cutting the minimum amount people need to pay back each month from July - but it’s not the win some people might think it is.
MSE.com also explains that customers will be given at least 60 days’ notice before the change, which means people should expect to receive communication from Barclaycard between now and May 23. He continued: "Changing minimum repayments looks innocuous, even trivial - most customers will, I suspect, have ignored it. Yet this seemingly technical and bland change is a huge danger signal. I wish I could light up the sky with neon signs shouting that, for those unaware, if paying interest on their credit card debt, it can easily DOUBLE the total cost of debt by the time you clear what you owe, meaning you pay £100s or £1,000s more.
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