The Money Saving Expert said the 'devious and dangerous' rate change could see people potentially be charged £955 more
Martin Lewis has issued a stark warning about a 'dangerous' change from a bank that could see people paying double.
The Money Saving Expert criticised the move, saying "It says it is doing it to give customers increased flexibility - I say it is doing it to make more money." He explained that Barclaycard has informed people of changes to the minimum repayments.He warned: "They are the least that you have to pay your credit card firm each month and these are devious and dangerous and Barclaycard is reducing that.
"Most people will have ignored it. On most Barclaycards now the minimum you have to repay each month is 3.75 per cent of your balance or 2.5 per cent of your balance plus interest or £5. So you have to pay the highest of those. "On the new minimum repayments taking you from 3.75 per cent to 1 per cent ut would take you 19 years and three months - so a decade longer - and the total interest you pay would increase from £700 to £1,655. Two and a half times as much in interest."
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