From The Debt Advice Bureau:
Flexi-rate credit card rewards faster repayment with lower interest rate
Barclaycard is testing a new credit card with a flexible interest
rate, Repayment Rewards, designed specifically to encourage customers
to repay their debts faster. It does so by lowering the interest rate
the more of the debt you repay each month.
The interest rate charged reduces the greater the proportion you pay
off, meaning those who are constructively making efforts to get debt
free can do so even faster.
In the current trial, those customers repaying at least 10% of their
balance are charged a 9.9% interest rate, but paying just the minimum
2.5% payment will mean you receive a 16.9% interest rate. Those
paying between 5% and 10% of the balance incur a 12.9% rate.
The key premise to the card is that both borrower and lender are
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