Major high street banks including Barclays, Lloyds and Santander have confirmed some huge shake-ups that could affect millions of customers.
READ MORE: People over State Pension age with weekly income below £218 could be due £3,900 annual top-up This applies to most Barclaycards including Avios, Platinum and Rewards. But from July 22, this will drop to the highest of 1% of your balance, 1% of your balance plus interest, or £5. You won't be affected if you have a 0% interest card, which is the cheapest way to repay credit card debt.
Which tier you're charged depends on your credit history and how you use your account. the standard rate will be 39.9%. There will be two temporary six month rates of 34.9% and 44.9% before they are increased to 39.9% and 49.9%. You should receive the money by June 28. Nationwide has also today confirmed a £200 member-only switching incentive, plus a new Member Exclusive Bond for all existing members, which offers a rate of 5.5% AER/gross for 18 months.
Santander Santander is also cutting the length of time you have to secure a new mortgage deal from six months ahead of your current mortgage ending, to four months. Martin Lewis' MoneySavingExpert.com says this means borrowers have less time to find a better rate before their existing deal comes to an end.
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