• Report: #430339

Complaint Review: Barclays Bank

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  • Submitted: Tue, March 03, 2009
  • Updated: Tue, March 03, 2009

  • Reported By:WELLING Other
Barclays Bank
Nationwide United Kingdom

Barclays Bank I am simply trying to bring attention to the fact that despite the inetrest rate as low as 1%, Brclaycard still charges me 24.9% APR making every penny I pay go on interests only. I have had this account for over 10 or more years. UK Nationwide

*Consumer Comment: OP is confused -

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I have been with Barclys for over 10 years now. I have been on the 24.9% APR. Don't ask why I have not moved for now. I have since noticed that due to low interest rate of 1%, Barclaycard has been offering new customers very lower rates and leaving us the old customers with this whooping 24.9% APRs.

Can someone explain if this fair? I know that when I pay the minimum it takes longer. The question is why is the low interest rate not reflected? I have heard of the 'not enforceable credits' wave. But I am very sceptical because they tend to ask for money upfront, meaning there is an element of uncertainty. Is it possible to start raising a momentum to highlight this obscene charge by Barclaycard please?

P
WELLING
United Kingdom

This report was posted on Ripoff Report on 03/03/2009 12:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/Barclays-Bank/nationwide/Barclays-Bank-I-am-simply-trying-to-bring-attention-to-the-fact-that-despite-the-inetrest-430339. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

OP is confused -

AUTHOR: Laurie - (U.S.A.)

That 1% interest rate applies only to loaning money between financial institutions.
example BoA loans money to Citibank at that rate.

It is not intended nor was it ever intended to reduce the individual account holder interest rates.
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