Gold­fish scales down its re­wards

Daily Mail - - Money Mail -

IT’S time for Gold­fish cus­tomers to ditch what was at one time one of Bri­tain’s most pop­u­lar credit cards.

Bar­clay­card, which took over Gold­fish in 2008, has cut back the perks for cus­tomers. The card, which used to is­sue 1pc money off vouch­ers, now pays just 0.3pc — one of the worst rates around.

From Au­gust 1, Gold­fish cus­tomers need to col­lect 3,500 points in­stead of 1,750 to re­ceive a £10 voucher. You still earn one point per £1 spent, but the points are worth half as much. It means cus­tomers must spend £3,500 be­fore they get £10 cash­back — that is a measly 0.3pc cash­back.

It’s a worse deal than the trial Gold­fish cus­tomers were of­fered last year, when they were told they would have to earn 2,500 points to get £10 back.

A Gold­fish spokesman de­nied Bar­clay­card was try­ing to kill off the card.

She says: ‘While we ap­pre­ci­ate some cus­tomers may be dis­ap­pointed with this move, we con­tinue to of­fer cus­tomers a low in­ter­est rate.’

The changes to the Gold­fish card come as sev­eral ri­vals tweaked their best deals be­fore a pre­dicted sum­mer spend­ing frenzy. Good sum­mer weather com­bined with the World Cup is pre­dicted to spark a splurge from UK house­holds. In an­tic­i­pa­tion of this, a num­ber of top cards have fid­dled with their deals.

Egg is try­ing to woo cus­tomers with 10pc cash­back at 1,500 dif­fer­ent stores. You must buy goods through the Egg Cash Back store, run by cash­back web­site Quidco. New cus­tomers get an in­ter­est-free bal­ance trans­fer and 0 pc on pur­chases un­til Septem­ber.

But be­ware of the trap that Egg has set on bal­ance trans­fers. It is of­fer­ing 14 months’ in­ter­est-free on trans­fers, but if you take this up and then spend on the card, all your pur­chases made af­ter Septem­ber, and any you have not paid off be­fore then, will ac­crue in­ter­est of 17.9pc. You won’t be able to clear this debt un­til Egg ei­ther changes the way debts are cleared (so the most ex­pen­sive are re­paid first), or you have paid off all your bal­ance trans­fer.

Bar­clay­card has chopped the rate on its Sim­plic­ity card and ex­tended the bal­ance trans­fer of­fer on its Plat­inum card. Pre­vi­ously, Plat­inum of­fered 13 months’ in­ter­est-free on bal­ance trans­fers, but it is now of­fer­ing 15. This has a high min­i­mum trans­fer fee of £6.25, which makes it ex­pen­sive for mov­ing small amounts. Above this min­i­mum, the charge of 2.9 pc is about av­er­age (so £29 for a £1,000 trans­fer).

York­shire Bank Gold Mastercard of­fers 16 months’ in­ter­est-free, and San­tander Credit Card 15 months — both have a 3pc charge.

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