Fine Option for Fair Credit

When it was first introduced, the Barclaycard Rewards MasterCard® was widely regarded as one of the most advantageous rewards credit cards for consumers with credit scores ranging from adequate to satisfactory. Although the card was taken off the market around 2016, consumers with credit scores between 620 to 690, which was the range for which it was intended, have choices for earning credit card rewards.

What Barclaycard Rewards MasterCard® offered

• Two points are awarded for every dollar spent on food, petrol, and other essentials.
• One point will be awarded for every dollar spent on any other purchases.
• There is no yearly charge.
• Access to your own FICO credit score at no cost.
• The possibility of having one's credit limit increased after having five consecutive payments made on time.

When redeemed for bill credit, rewards points were worth one cent each, and the total amount of additional rewards that could be earned was not subject to any limit. The continuing annual percentage rate (APR) of the Barclaycard Rewards MasterCard® was relatively high, and the card did not offer a sign-up incentive. However, the same is true for most credit cards intended for those whose credit ratings fall within the "fair" category.

Charges

This uncomplicated cashback program does not need a membership fee to be paid annually. However, since there is no promotional period during which interest will not be levied on purchases, the card's new purchases will be subject to a rate equivalent to a 25.9% annual percentage rate (APR).

You obtain credit for interest-free purchases for 56 days when you use this card. This indicates that you won't have to pay any interest as long as you pay off your amount in full – and by the due date – at the end of each month.

There is also no 0% promotional period for debt transfers, meaning that any outstanding amounts you move will be charged at a typical rate of 25.9% annual percentage rate (variable). Your credit rating will determine the amount of the balance transfer fee you must pay; you will know how much it is once approved.

You will be subject to a fine of £12 if you are more than one month late with your monthly payment. By setting up a direct debit, which guarantees that payments are sent on time, you may prevent paying these late penalties.

In a rather unusual move, the card does not levy any transaction fees for making purchases or withdrawing cash when traveling internationally. As long as you pay off your debt in full, you won't be responsible for paying any interest on any cash withdrawals made while traveling outside the country.

Protection

You are afforded the same level of protection under Section 75 of the Consumer Credit Act with whatever credit card you use, including the Barclaycard Rewards Credit Card. This safety net covers items that cost more than one hundred pounds and go up to thirty thousand pounds. You are still covered for the whole amount of the transaction if you pay with a credit card, even if you pay a portion of it (like the deposit) at the time of purchase.

Will I Be Eligible?

You may anticipate that candidates for the Barclaycard Rewards Credit Card will be required to provide strong credit scores. This is because the product is so alluring. You will need to be at least 21 years old and have at least four years of experience managing credit to be considered for this position. You will also require proof that all payments have been made on time.

Before submitting an official application for this card, consider using our free Eligibility Checker to see how likely you will be approved. This will provide you with an answer quickly and will not impact your credit rating.

What More Should I Know?

It is essential to make responsible use of the Barclaycard Rewards Credit Card since, if you do not pay off your amount in full each month, the assessed interest fees are likely to cancel out any rewards earned.

You also need the self-control to make the minimum monthly payments on your credit card, which is the greater of £5 or 3.25% of your debt. If you don't, you risk having any advantages taken away from you.

If you choose to make payments in the country's native currency, you won't be subject to the international transaction fees often assessed when making purchases outside the country. Even if you pay in sterling, you can be subject to additional surcharges.