In light of consumers decreasing the number of financial products they use, Barclaycard has announced several new offers to compliment the public's new spending habits.
[USPRwire, Wed Jun 26 2013] Barclaycard has announced a range of new offers to meet the changing requirements of its customers.
Barclaycard has seen a large decrease in loan applications but a small increase in credit cards, with many consumers now searching harder for better deals and incentives on credit to make their financial decisions worthwhile.
Market data from TGI Market Surveys revealed the number of households with children that owned up to four credit cards has decreased by 12% year on year, showing that consumers who previously used a varied number of store and credit cards now look to consolidate their borrowing into more manageable single output cards. As a response to this trend, Barclaycard has introduced the Platinum credit card offering a 27 month interest free period for balanced transfers.
Additionally, the 2% rise in households with two credit cards illustrates that consumers are happy to manage smaller numbers of cards as long as the deals are right for them. This statement is further supported by the decrease in the number of household that have loans. Households with two small loans have decreased by 10% year on year. Comparing the loan and credit card data, Barclaycard found a trend towards smaller finance options with more attractive offers, such as longer interest free periods for first time customers or higher cashback incentives and reduced annual fees. The company's High 5 cashback card offer aims to appeal to these customers directly, with the card giving 2% cashback on the consumer's five highest monthly purchases and 0.5% on the rest
Nick Clements, Managing Director at Barclaycard, said: "The summer may be off to a slow start this year, but this hasn't stopped us making our market leading deals even hotter this June.
"Whether you're looking to transfer a balance, earn cash back or points on your spending, or just build your credit rating, these deals are the best you'll find during June."
As well as the deals on Barclaycard's High 5 and Platinum cards, the company is also cutting the balance transfer fee on its Freedom Rewards card from 2.90% to 2.47% which offers 0% for 9 months on balance transfers. Customers can also receive an extra two months interest free (from 3 to 5 months) on purchases for customers new to credit or who are looking to improve their credit rating with Barclaycard Initial.
Full details can be found www.barclayard.co.uk.
Barclaycard, part of Barclays Retail and Business Banking, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.
The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.
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