Lower Monthly Payments
A major high street bank is set to slash fees for credit card repayments this summer, leading to lower monthly payments for millions of customers, HOAR can reveal.
New Repayment Structure
Barclaycard will be changing its repayment structure from a tiered system to one that calculates repayments based on individual customer circumstances, starting July 22.
Potential Catch
While 80% of customers will see reduced or unchanged monthly repayments, experts warn that paying less in minimum repayments could result in paying more in the long run due to added interest.
Advice for Customers
Experts advise customers to pay more than the minimum to avoid extra charges and pay off debts quicker. Paying off the total credit card balance every month can help avoid interest fees altogether.
Did you miss our previous article…
https://hellofaread.com/money/four-key-retirement-changes-for-april-pension-increase-lifetime-allowance-scrapped-and-more/
