Martin Lewis warns Barclays customers to act now or face paying £955 more

dailyrecord.co.uk:

Martin Lewis has issued a stark warning about a "dangerous" bank change that could see customers paying significantly more.The money-saving expert highlighted the issue on his BBC Podcast, explaining that a revision to Barclaycard's repayment rates might lead to people shelling out an additional £1,000 - extending their debt repayment period by up to ten years.He pointed out that for a typical £1,000 debt, sticking with the old Barclaycard repayment rate would result in paying a staggering £955 extra.

Mr Lewis criticised the move, stating: "It says it is doing it to give customers increased flexibility - I say it is doing it to make more money."He alerted listeners that Barclaycard has notified its customers of changes to the minimum repayments, describing these adjustments as "devious and dangerous" and noting that Barclaycard is lowering them, Wales Online reports.

Further detailing the changes, he informed listeners that starting from July 22, the new minimum repayment structure will be implemented.He explained: "If I tell you what it's doing and you look at it, it feels innocuous.

Most people will have ignored it. On most Barclaycards now the minimum you have to repay each month is 3.75 per cent of your balance or 2.5 per cent of your balance plus interest or £5.