A new credit card product, designed to encourage customers to repay credit card balances faster, is being tested by Barclaycard.
Repayment Rewards is a new credit card that will offer a lower interest rate charge to customers who pay off more of their credit card balance each month.
The credit card has been researched with customers and tested through direct mail throughout the course of this year.
"Credit – used sensibly – can help us manage our finances and live the way we want to," commented Keith Coulter, managing director of UK Consumer Cards and Loans.
"Repayment Rewards is about finding new ways to help customers while encouraging a responsible approach to their borrowing."
This latest credit card follows the testing of Barclaycard Combinations, which also aimed to encourage more prudent approaches to credit.
No date is set for the launch of the credit card, but Barclaycard hopes to make the credit card widely available by the end of the year.
Barclaycard is part of the international financial services group Barclays, the third largest financial services group in the UK in terms of market capitalisation.
The group is engaged primarily in banking, investment banking and asset management.
Repayment Rewards credit card launched
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Repayment Rewards credit card launched
Wed, 21 Sep 2005
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