The Barclaycard Flexi-rate Visa card lets you take control of one of life's little uncertainties - the interest rate on your credit card. It's a novel idea whose time has come. With the Flexi-rate card, you can have a hand in deciding on the interest rate that you pay on your outstanding balance each month. With the Barclaycard Flexi-rate, customers who pay more than the minimum balance due on their account each month are rewarded with a lower interest rate on their remaining balance.
The effects are far more than encouraging, according to Barclaycard. They introduced the Flexi-rate card in 2005 and have been tracking payment patterns and accounts to see how folks handle it. The figures for the first seven months after the Barclaycard Flexi-rate was introduced tell an encouraging story. When compared with those who use a regular credit card, 50% fewer Flexirate card holders choose to make only the minimum payment. Those who choose to make a higher payment on the Flexi-rate card has risen by over 10% since the programme began.
Barclaycard Flexirate card holders are given the option of paying the minimum amount each month (2% of the balance) and paying interest rates that are comparable to most major credit cards. If they choose to pay at least 5% of the balance see a drop in their interest rate. The customers who pay 10% or more of their balance each month can lower their annual percentage rate by as much as 5%.
Choosing to pay off your account balance at higher than the minimum rate can save you far more money than you imagine. If you whack a £1000 stereo system onto your card and pay it off at the minimum monthly payment at typical interest rates, it will take you 21 years and 3 months to repay it. That's long enough to raise a child and see him through school! If you pay it off at 10% per month on the Barclaycard Flexirate card, you'll have that debt cleared up in just four years and six months - and save yourself well over £1200 in interest.
If you want to take control of your interest rate, you can apply for a Barclaycard Flexirate card or explore more balance transfer credit cards at airaid.co.uk. The online application only takes a few moments. Why not take advantage of huge savings with the Barclaycard Flexi-rate?
