A new product is to be launched by Barclaycard this week, offering customers the opportunity to pay off their credit card bill in an innovative new way.
Barclaycard Combinations will give customers the option three times a year of moving their credit card balance into a loan 'pot' with a lower interest rate and the possibility of a fixed repayment.
Payments are made as usual on the Barclaycard, with all the benefits usually enjoyed by the platinum card - identity protection, purchase delivery, and emergency card replacement, for example - and a monthly statement itemises all borrowing.
"This is a new idea which we believe offers a fair deal, encourages responsible borrowing and addresses some of the criticisms that have been levelled at the credit card market," explains Keith Coulter, managing director for Barclaycard cards and loans.
"Response from customers during research has been very positive but ultimately, of course, they will decide what's right for them by choosing to apply or not."
Barclaycard Combinations also changes the order in which the account is paid off, helping customers to pay off their most expensive balances first.Click here for more information about credit cards.
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