In another classic example of the big banks being about as transparent as a swimming pool full of mud, Barclaycard has today announced a ‘major’ interest rate cut for its credit card customers… Only snag is that the interest cut applies to just a quarter of Barclaycard customers.

It’s certainly welcome news for those Barclaycard customers who are considered safe bets, but three-quarters of customers – some nine million – aren’t getting a bean. That’s because ‘their risk of defaulting had increased’ according to Barclays’ bosses. It smacks of Barclaycard wanting to look good but only delivering meaningful improvements to a minority. Those people still reap the rewards of recession-induced government pressure, but most people get the same, or even a worse deal.

Check out how the credit card providers have been steadily increasing their rates…

At Wonga we believe in transparency. We’ve never changed our interest rate and the same rate applies to everyone who wants to apply. We may be more expensive than a sensibly used credit card, but we’re all about offering you a short term loan, rather than trying to keep you in debt for as long as possible.

And many cheap credit card deals aren’t as cheap as they might appear once you check the small print or don’t keep up with repayments. Think short term. Think Wonga!

This entry was posted on Thursday, February 5th, 2009 at 2:04 pm