Barclaycard is testing a new credit card which rewards clients for paying off their balance quickly, according to the BBC.
The “Repayment Rewards” credit card lowers the interest rate based on the percentage of the balance paid off. Barclaycard suggest the card is aimed at helping people be more sensible in using credit, although the card will still allow you to pay off a poultry 2.5%, which will keep the balance running for a long time, which is in Barclaycard’s interest.
In a comment on the BBC’s Moneybox radio programme, Richard Mason of Money Supermarket said
“This is simply a gimmicky and complicated card with an enticing name”
Sounds like it would be best to steer clear of this card when it is finally launched.