In April 2021, Barclaycard is cutting a lot of customers' credit limits. Some of the reductions are dramatic. Here is what one Debt Camel reader said: Today I received a letter from Barclaycard informing me my credit limit is being reduced from £5,000 to £250 in 1 months time. My balance is zero and has been for several months. Not very happy about this as it’s there for emergencies etc and … [Read more...]
Articles about credit cards
Credit cards can be really useful but they can also be dangerous - if you just hand over that piece of plastic it can be too easy to run up bills which will take you many years to clear. So how can you make the best use of them? The articles here look at
make sure you get the benefits - practical steps you can take so that the banks don't make huge profits from you;
what's new and whats changing with credit cards in Britain?
too much credit card debt - how can you tackle it fast?
There are still some good 0% transfer deals in 2021
For more than two years the 0% balance transfer credit cards on offer have been getting slowly less good. And there aren't so many, so they are also harder to get. This steady decline has not got a lot worse because of Coronavirus. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. Banks are offering a lot fewer deals Two years … [Read more...]
Can you get refunds from catalogues, credit cards & overdrafts?
Have you had a catalogue, credit card or overdraft where you were given a high credit limit? So high that the monthly repayments were hard to manage so you got into more debt? Many people were originally given sensible limits, but the lender kept increasing them. You may have a good complaint that the lender was irresponsible in allowing you to borrow so much that the debt was … [Read more...]
Buying too much online? 5 ways to cut back
A few taps on your mobile and that handbag, those kids' clothes or this kitchen gadget is on its way to you. Very convenient with busy lives and little time to go to the shops. Or when the shops are shut because of lockdown! But when money is tight or you want to save for something important, or you are just bored with being at home all the time, it can be just too easy to overspend. … [Read more...]
Barclaycard to hike minimum payments in January – are you affected?
Barclaycard emailed customers in November 2020 about changes to their credit cards. With the title "Dear [customer name], we're updating your T&Cs ", you may have ignored it. But many people will find their minimum payments are going to be increasing from 26 January 2021. And some of the increases will be very large. This affects Barclaycard holders with Cashback, Freedom, Forward, … [Read more...]
Is your credit card getting close to the danger point?
Here is a simple way to think of your credit cards and catalogue accounts using the traffic light colours. It can give a warning signal where you may have problems in the future. First you need to compare the balance you owe at the moment to your credit limit. Your limit is shown on your credit card statement. Say you currently owe £1,000 and your limit is £4,000 - in this case you are using … [Read more...]
Barclaycard send letters saying they raised credit limits too high
UPDATE in April 2021, Barclaycard has made another set of cuts to customers' credit limits. In July 2020 Barclaycard sent out letters to some customers saying their credit limit may have been set too high. They say: We've recently reviewed the way we set some of our customers' credit limits and can see that the limit we gave you previously may have been higher than it should have been … [Read more...]
“Will a credit builder card improve my score?”
A reader asked: I’ve recently paid off my 2 defaulted credit cards and I have been paying into Loqbox for the past 4 months (£70). I got an email from Clearscore saying I can get a Capital One credit card. This is the first time in a long time that I have been offered a credit card because my credit has been so poor but it is slowly improving. Should I apply for this? If I do what is the best … [Read more...]
“What should I do when my 3 month credit card payment break ends?”
Ms D asked about her options now the three credit card payment break has ended: I’ve come to the end of my 3 month payment freeze and as the card lender has kept adding on interest I have gone over my credit limit, so the first payment due was nearly £400. I contacted them as I couldn’t afford that amount -my partner is self-employed and not receiving any income due to coronavirus. They agreed … [Read more...]
COVID-19, financial decisions & those tricky exponential numbers
This is a guest post by David Steele, Policy and Research Manager at The Money Charity (currently furloughed). He was previously Policy Manager Financial Services for Age UK and Head of the Research and Statistics Unit at the UK Film Council. This blog is written in David’s personal capacity and does not necessarily represent the views of his current employer. With the Sunday … [Read more...]