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Barclaycard steps up rates for riskiest customers

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Barclaycard steps up rates for riskiest customers

It has been announced that the UK’s largest credit card company, Barclaycard, will adopt a new risk-based pricing policy following a six month freeze on interest rates for its customers.

Interest rates will be increased for thousands of customers who are seen by the group to be more at risk of defaulting.

The decision is seen as a direct result of the financial crisis, with debt experts criticising the credit card provider for penalising poorer customers and squeezing them even tighter when household finances may already by stretched and job security is scarce.

However, Barclaycard chief executive, Antony Jenkins, has defended the move, saying: “In the second half of the year, there will be a limited number of price rises where we have a clear indication that potential risks have increased but the numbers involved will be a tiny fraction of the three million customers who will see their rates reduced in 2009.”

It is thought that the move to risk-based pricing follows the recent announcement from Barclaycard that the cost of defaults soared by 92% to £915 million during the first six months of the year, showing high levels of customers facing financial troubles.

 





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