moneysupermarket.com: Barclaycard freezing rates

Commenting on Barclaycard freezing rates for its customers, Peter Harrison, credit card expert at moneysupermarket.com, said: "Clearly anything that eases the pressure on borrowers is a good thing.

"Barclaycard has always been an innovator with credit cards. It has the largest stable of cards suited to the widest range of customers - and it has again shown market leadership here by becoming the first major provider to come out with such a commitment.

"In an environment of falling mortgage and savings rates, card providers had been strangely quiet until now. A copycat commitment from other providers would be most welcome.

"Around three million Barclaycard users will see their rates cut - with the remaining nine million having their rate frozen until at least June.

"Lower rates clearly show Barclaycard's desire to get customers spending after zero per cent promotional periods end. And with Barclaycard committed to sharing data with other lenders - as part of a joined-up approach to responsible lending - it means zero per cent switching may become more difficult."