Goldfish scales down its rewards
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.