Julian Knight: Barclaycard forced to come clean over interest rates
After Independent on Sunday revelation, provider now spells out the real costs to new credit card applicants
Saturday 20 April 2013
In this job victories for the consumer are few and normally take a long time coming. But only a few days after we exposed how Barclaycard fails to explain properly to those applying for a credit card that they may not receive the rate hoped for, it has backed down.
As a result, it will make it clear before conducting a credit search on the applicant's file both the representative APR – which it has to give to at least 51 per cent of its customers – and the actual interest rate they could pay if their credit rating isn't tip top.
And Barclay's newly revealed numbers make interesting reading, on its Platinum Balance Transfer card for instance the advertised representative APR is 18.9 per cent but this can rise to 29.9 per cent – akin to a store card rate – if your credit rating is not high. This is the highest spread between advertised representative APR and potential APR of any major lender. However, it is still to be welcomed that Barclaycard have decided to be completely upfront with consumers.
OFT probe quick house sales
The Office of Fair Trading is to look at the world of quick-sale property transactions. Regular readers will know we campaigned against the sale-and-rent-back industry – which bought homes from distressed owners for knockdown prices on the proviso that they could rent them back.
The OFT agreed that this was exploitative and a legal minefield and closed the industry down. But since then firms have sprung-up promising to do the buying bit of the equation without the rent option. These, again, are unregulated and seem, in some instances, to come with hefty hidden fees attached.
The OFT now wants to hear from consumers who have encountered these quick-sale firms. Interestingly, many of those involved in sale-and-rent-back have scurried into the quick-sale business.
New face at Jupiter
There have long been rumblings of discontent over the performance of Jupiter's Absolute Returns fund under the leadership of Philip Gibbs.
Launched in a blaze of publicity in 2009, the Gibbs fund was seen as being in the vanguard of the absolute return movement – where complex financial tactics are used to minimise risk while smoothing out the peaks and troughs of the market. But in what has been a major bull market, the fund, like many of its ilk, has been left firmly in the starting blocks producing sub-standard returns. Things have got so bad that the likes of Hargreaves Lansdown has dumped it from their wealth 150 list of best buy funds.
Last week, Jupiter moved to recruit rising star James Clunie from Scottish Widows to "build assets in total return and equity long and short strategies" – could there soon be a re-jig in the management of the failing absolute returns fund I wonder?
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 2 Louis van Gaal gets tough with Manchester United players, with Darren Fletcher and Luke Shaw berated in public and Phil Jones left looking bemused
- 3 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 4 Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
- 5 Israel has discovered that it's no longer so easy to get away with murder in the age of social media
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...
Day In a Page
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar