UK Barclaycard is to cut interest rates for more than a quarter of its 11.9m UK credit card customers as part of a raft of measures aimed at easing the pressure on overindebted consumers.
The UK’s biggest credit card issuer, which is part of Barclays, will reduce the average annual percentage rate on 3m credit cards by between 2.5 and 5 percentage points to reflect the Bank of England’s lower base rate. Currently its typical credit card rate stands at about 14.9 per cent.
