Yorkshire Building Society's tracker rate reduced

Yorkshire Building Society today announced a reduction in the rate charged for its new Tracker credit card.

The announcement follows last week's decision by the Bank of England (BoE) to cut interest rates for the first time in 13 months.

Yorkshire's Tracker card works by giving customers an interest rate that corresponds to the BoE base rate for six months, and thereafter it rises to the base rate plus 5.5 per cent.

The card also offers one per cent cashback on the first £2,000 spent each year.

A further 0.5 per cent cashback is offered on all spending above £2,000.