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Goldfish credit card benefits reduced

When Barclaycard acquired Goldfish back in 2008 the Goldfish credit card offered one of the most generous perk schemes on the market at the time. However, Barclaycard has recently adjusted the perks attached to the Goldfish credit card and customers will receive just 0.3% cash back as opposed to 1% in days gone by. Despite rumours in the marketplace that Barclaycard may well be looking to "kill off" the Goldfish credit card the company has denied this and reaffirmed the low interest rates attached to the card in relation to outstanding balances.

When you consider that Egg is currently looking to attract new customers by offering 10% cashback at 1,500 stores across the UK it is easy to assume that perhaps the benefits attached to the Goldfish credit card are now out of sync with the rest of the market. More and more credit card companies in the UK are looking to increase their profit margins as bad debts continue to kick in and customers continue to struggle.

It will be interesting to see how quickly credit card interest rates begin to fall when the economy finally moves into a strong growth phase and whether indeed we will see an increase in competition in the area of balance transfers and cash back benefits.

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