Barclaycard has announced that the annual percentage rate (APR) on its Barclaycard Platinum credit card is to be lowered from 17.9 per cent to 14.9 per cent.
Three previous APR reductions have been announced by Barclaycard this year, including those of the Flexi-Rate, Simplicity and Student credit cards.
All other features on the Platinum card will remain as before. The card offers a 12-month zero per cent rate on balance transfers and no interest on purchases for the first three months.
The news comes as Barclays Life Insurance revealed that the cost of living in the UK has increased “substantially” over the last decade.
Barclays cited the Consumer Price Index (CPI), which found that costs had risen by an average of 16 per cent. However, the bank found that this was attributed mainly to the increase in house prices, petrol and tobacco.
“We all seem to remember our money going a lot further in the past than it does these days,” said Mark Till, marketing director at Barclays Insurance.
“The biggest single increase has been in house prices but even everyday items have also got more expensive.”
Used to measure the change in prices of a range of goods and services from month to month, terms of the CPI are used to set UK rates of inflation.
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