Barclaycard Rewards Credit Card

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our decision

If you’re looking to convert credit card spending straight into cash, this is a card that should definitely be on the shortlist. What’s more, there is no annual fee. Barclaycard’s rewards card also includes attractive features for overseas use, making it a card that attracts regular travelers.

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Annual Fee: None

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late payment fee: £12

Representative APR: 22.9% APR (Variable).

professionals

  • simple cashback rate
  • No Annual Fee
  • No non-sterling transaction fees
  • 4 free Apple subscriptions for up to 5 months

Shortcoming

  • Better Cashback Rates Available Elsewhere
  • relatively high april
  • Minimum Income Requirement
  • No 0% period on balance transfers or purchases
  • Charges Payable on Balance Transfer
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key features

  • 0.25% cashback on purchases
  • Purchases made abroad are duty-free (as long as you pay in the local currency)
  • Duty-free cash withdrawals within the country and abroad (provided they are paid in full)
  • Discounts Available on Live Events

Prize

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Rare enough among credit cards that this is a product that offers 0.25% cashback on purchases. Cash is credited annually to your statement, or upon your request.

You will earn cashback only on new purchases. Transactions like balance transfer, money transfer, cash withdrawal or currency purchase are not counted in the tally.

However, there are other benefits through Barclaycard Entertainment as well, including access to savings and discounts on certain live events. New cardholders are eligible for a welcome bonus of four, up to five months of free Apple subscriptions.

charge

There is no annual fee to pay on the Barclaycard Rewards Card. Note, however, that there is no interest-free introductory window on purchases. This means, new purchases are directly charged at a representative rate of 22.9% APR (variable).

However, the card comes with 56 days of interest-free credit on spending. So, as long as you pay off your balance in full (and on time) every month, you won’t be liable for an extra penny in interest.

When it comes to balance transfer, this card does not come with a 0% introductory offer window.

This means that any existing balance transferred to this card will also be charged at a representative rate of 22.9% APR (variable). Customers become aware of the balance transfer fee that they will be charged upon acceptance of the card. This amount will depend on the credit rating of the applicant.

A late monthly payment incurs a fee of £12. Setting up a direct debit for repayment helps ensure that you are never penalized with late payment charges.

Due to the potential interest to travelers, this card does not charge transaction fees for making purchases (or withdrawing cash) while the user is abroad, provided the transaction is made in the local currency. Cash withdrawals made abroad do not attract interest, either, as long as the balance is completely cleared.

the protection

Like any credit card, customers enjoy protection under Section 75 of the Consumer Credit Act.

This financial backstop applies to purchases between £100 and £30,000. Even if you pay for part of the purchase with your plastic (such as a deposit), you still get protection for the full cost of the related goods or service.

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eligibility

The Barclaycard Rewards credit card will be an attractive option for a lot of buyers and travelers, which means applicants with healthy credit scores are most likely to be accepted for it.

To qualify, you must be at least 21 years of age and able to demonstrate at least four years of credit management experience. Candidates should also be able to show a record of making payments on time.

Use the free eligibility checklists before you formally apply for this card. This will enable you to ascertain your chances of being accepted quickly, but without affecting your credit rating in the process.

before signing up

It is important to use this credit card carefully. Failure to pay the balance in full means that the interest you will be charged will exceed any rewards you may have earned.

Potential customers need to apply a certain amount of financial discipline to ensure they make a minimum monthly repayment (over £5 or 3.25% of your balance) on their plastics. Failure to do so means the risk of withdrawal of allowances.

Users of this card overseas should keep in mind that, while the commonly charged foreign transaction fees do not apply, this is only the case where you choose to pay for your transactions in the relevant local currency. Fees may apply when paid in sterling.

suitable for me?

If you want to be rewarded with cashback on transactions and have a disciplined approach to managing your credit cards, then this product could be ideal for you. The Barclaycard Rewards credit card is also beneficial for foreign travelers, taking into account the above caveat about paying for goods abroad in the local currency.

other options?

Rival cards may offer more generous tiers of cashback. But, at the same time, they may also impose an annual fee or more restrictions for use abroad. It’s a matter of weighing all the variables that are relevant to your card usage and spending patterns.

For those looking to transfer existing credit card debt, it’s probably worth looking elsewhere instead for cards with interest-free balance transfer offers. The same applies for anyone who is eyeing some immediate new purchases on their plastics. With this card, there is no 0% introductory offer period.

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