Back in February, Barclaycard Ring card members voted on their cash advance and foreign transaction fees. By the narrowest of margins the community voted to change the Foreign Transaction Fee from 1% to 0% and, at the same time, change the Cash Advance Fee from $1 to $3 per transaction.
I’m here to tell you that these changes, and some others are on the horizon. Keep in mind that not all of you will experience the additional changes below. I’ll explain why in a bit. First here is a list of the changes that will become effective for some Barclaycard Ring cardmembers in late July.
- The Late Fee will now be up to $26 instead of $25. Please read here for more discussion of this topic in the community.
- The Returned Payment Fee will now be $26 instead of $25
- Fast Card Fees will now be $15 instead of $25
- The Cash Advance Fee will increase from $1 to $3
- The Foreign Transaction Fee will change from 1% to 0%
- View the Voting Results
Please note that this is not an official notice! This is just a friendly blog J If you are affected by any of the above changes, you’ll be receiving a letter with more details. Please read the entire letter when you receive it in the mail as it has a few other notifications you will need to be aware of Because the Cash Advance Fee will be increasing, the regulations require that you have the opportunity to opt-out of the change in terms. If you choose to do so, we will close your account and you will keep your existing terms until your existing balances are paid off.
Now, here is more info about who will be experiencing these changes and when.
Here’s how it will play out:
- The foreign transaction fee change, because it is a positive change, will happen for all customers booked on or before July 13, 2014.
- Any fee increase changes like the cash advance or late fee, will take effect for cardmembers who were booked prior to January 13th, 2014. For cardmembers booked after that date the changes will occur sometime next year.
I hope this helps and please let us know if you have any questions.