Here’s what you need to know about how to get a reduction in your interest rate over the first couple of years.
- We’ll reduce your cash and standard rate in the first two years as long as you make payments on time. The rate reduction will be 3% in the first year and 2% in the second.
- If you don’t qualify in the first year but qualify in the second year you will get a reduction of 3% in that year.
- The rate reduction starts from the date you receive your statement on the anniversary month of when you open the account.
- Your interest rates will move up and down in line with changes to the Bank of England Base Rate. This means that if your rates go up or down due to a Base Rate change then any Price Promise reduction you get will be applied to that new higher or lower rate.
Making minimum payments
Making minimum payments could help you get a rate reduction but remember the longer you take to pay off your balance, the more interest you’ll end up paying. Just by paying a little more each month, you could clear your balance sooner than you think, and pay less in interest.
Enter your current details into our Repayment Calculator and see the difference a few pounds extra can make.
Built in text alerts
With Barclaycard Forward you’ll get alerts to let you know when your balance is due. There are other alerts you can turn on and off at any time, like weekly balance updates.
Help to make sure you pay on time
You can choose a payment date when you’re more likely to have money in the bank and there's a couple of options when it comes to setting up a Direct Debit.
Minimum amount – this helps avoid paying late payment fees but only meets the minimum requirement. It won’t help in the long run unless you’re making additional payments, especially if you continue to use your card. That’s because you could end up paying more in interest than towards the amount you’ve borrowed.
Fixed amount – Decide how much you can afford to pay and set your monthly Direct Debit for that amount. If it falls below the minimum amount, we’ll increase it to ensure you don’t get charged a fee. It’s a good idea to review the fixed amount every few months to make sure it’s meeting your needs.
Full amount – This is the best option if you can afford to do it as it limits the amount of interest you pay.
It’s important to stay within your credit limit
Barclaycard Forward comes with a personalised credit limit based on what you can afford. You can set up alerts to let you know when you're getting near to your credit limit so you can either make a payment or slow down on the spending.
- Barclaycard Entertainment - 5% savings on tickets across 3,500 gigs, comedy nights and family days out every year.
- Manage your account on the Barclaycard app or online
- Contactless payments of £45 and under
- Whether you want to pay your Barclaycard bill by Direct Debit, with your debit card or over the phone, you can do it at home or on the go.
- People who are new to credit or whose credit history isn’t great
- Those who haven’t been made bankrupt in the last six years or had a County Court Judgement (CCJ)
- Are employed and earning over £3,000 a year
Making lots of credit applications can actually make your credit rating worse. So before you apply you can use our eligibility checker to tell you if you’re approved without affecting your credit rating.
Your new account will be set up with digital statements. These can be found in your online Barclaycard account, which you will need to register for. You can choose to switch to paper statements at any time.
Remember your interest rate will move in line with the Bank of England base rate, so your rate might change before we reduce it. To learn more visit barclaycard.co.uk/understanding-interest.
The Forward card is suited for people over 18, in employment, earning over £3,000 a year and had a permanent UK address for at least 2 years. You’re much more likely to be accepted if you haven’t been made bankrupt in the last six years and don’t have more than one County Court Judgement.
To make an application you’ll need details about your employment status, address details for the last 2 years and bank account number/sort code.
When your 0% purchase offer ends you’ll be charged interest at your standard rate for anything new you buy and for any outstanding balance on your card.