Barclaycard have recently launched their new credit card, the Flexi-Card.
And strangely for Barclaycard, the rates it offers are actually quite good. The card has the following features:
- 0% on balance transfers for 12 months (although there is the now customary 2.5% “handling charge”)
- Typical APR is 14.9%.
- Repay 5% of the outstanding balance each month, and you will pay interest at a rate of 12.9% APR.
- Repay 10% of the outstanding balance each month, and you will pay interest at a rate of just 9.9% APR.
The tiered interest rates make it more lucrative to pay off more than the minimum amount each month. And it is apparently the only credit card on the market to do this.
I’m pleasantly surprised that Barclaycard, who historically have had some of the higher charging credit cards, have come out with a card such as this. Let’s hope other lenders follow.