Barclaycard will increase the minimal reimbursement for bank cards when a significant change happens
Previously, the minimum payments varied depending on when you received the card
Until Tuesday January 26th, Barclaycard customers had standard repayment levels based on when they opened their account:
- If you opened your account between December 2010 and on or before January 25, 2021The minimum you had to pay each month was the highest of 2.25% of your balance, 1% of your balance plus interest, or £ 5.
- If you opened your account before December 2010It was the highest of 2.25% of your balance, 0.1% of your balance plus interest, or £ 5.
Starting this week, different minimum repayments will be shown in many statements
The change affects both new and existing customers with Barclaycard Forward, platinum, Cashback, freedom (formerly Initial and Littlewoods), Hilton Honors and Barclaycard rewards Cards – if not that premier, Barclays infinite and Woolwich Cards.
Barclaycard advised customers in November 2020 that bills with new minimum repayment calculations would be received from January 26th. If you have set up direct debit repayments, this means that they will be accepted from the end of February depending on your billing date.
If you are not sure about your new tariff or if you have misplaced the information, you can check your bank statements via your online banking or Barclaycard app as well as on the paper version when you receive it. You can also contact Barclaycard's customer service.
While the exact repayment levels vary, for many customers it will now be between:
- 2% to 5% of your balance (the exact percentage depends on the customer). This is based on your main balance and doesn't include any installment payments that you also have to make every month.
- OR 1% to 3% of your balance plus interest (the exact percentage depends on the customer). This is also your main balance and does not include any installment plan payments, standard fees or account management fees that you also have to pay each month.
- OR £ 5 or the total outstanding balance if less than £ 5. This is already the case now and is not changing.