Barclay Rewards MasterCard Review

barclay_rewards_mastercardThe Barclay Rewards MasterCard is a cash back rewards credit card that is aimed at consumers who have fair or average credit. It offers members a simple rewards program with no quarterly bonus categories or spending caps. At this time, there is no signup bonus or introductory APR available with this card. The Barclay Rewards MasterCard has no annual fee.

Cardholders earn cash back rewards at the following rates:

  • 2X cash back rewards on gas, groceries and utilities
  • 1X cash back rewards on all other purchases

Important: To earn double rewards, transactions must be submitted with the correct merchant category codes for gas stations, grocery stores and utility companies. Large warehouse-type stores such as WalMart, Sam’s Club and Costco are generally not classified as grocery stores or gas stations so purchases made at these retailers would only earn 1X cash back.

Cash back rewards are earned as points which can be redeemed for rewards such as statement credits and gift cards starting at 1,000 for $10. Reward points do not expire as long as your account remains open, active and in good standing.

The APR for purchases and balance transfers is 24.99% (variable based on the Prime Rate). A balance transfer fee of $5 or 3% of the total amount of each transfer (whichever is greater) is applied to any balance transfer that posts to your account.

Members also receive additional benefits with the Barclay Rewards MasterCard. These include:

  • Complimentary FICO Credit Score (However, score access is not a permanent feature of your account.)
  • Receive alerts when your score changes
  • Credit line increase review after making 5 consecutive on-time payments

This card comes with Smart-chip technology for increased security when making transactions at a chip-enabled terminal.

Members are charged a 3% foreign transaction fee on purchases made while traveling outside of the U.S.

There is no annual fee for this card.

The Facts

Below we have broken down the details of the Barclay Rewards MasterCard to help you determine if it’s the right card for you.

The Good:

Simple rewards program:

Members earn 2X cash back rewards on purchases of gas, groceries and utilities.

It’s important to note that transactions must be submitted with the proper merchant code category in order to qualify for the 2X rewards. Purchases made at big-box retailers and discount warehouses typically do not earn double rewards.

All other purchases earn 1X cash back rewards.

Simple redemption process:

Cash back rewards are earned as points which can be redeemed for rewards such as statement credits and gift cards starting at 1,000 for $10. Reward points do not expire as long as your account remains open, active and in good standing.

Fair to Average Credit Needed:

Generally, a FICO Score between 650 and 699 is all that’s needed to be approved for this card.

Additional card benefits:

  • Complimentary FICO Credit Score (However, score access is not a permanent feature of your account.)
  • Receive alerts when your score changes
  • Credit line increase review after making 5 consecutive on-time payments

No annual fee:

Members are not charged an annual fee for this card.

The Bad:

Account inactivity:

You are required to keep your account open, active and in good standing, to maintain your creditworthiness, and to use your credit card regularly. Account inactivity, which may include three months or longer of non-use or failure to make on-time payments, may result in the closure of your account. You will also lose any cash rewards which you may have accumulated.

Foreign transaction fees:

A 3% foreign transaction fee is applied to all purchases made on the card while traveling internationally.

No signup bonus:

There is no new member signup bonus available with this card.

No introductory APR:

There is no introductory APR offer available on either purchases or balance transfers.

The Ugly:

High APR:

All cardholders are assessed the same variable APR of 24.99%.

MasterCard benefits differ:

This card comes in three versions: Platinum, World, and World Elite. The MasterCard benefits you receive depend on which card you are approved for.

The Barclay Rewards MasterCard is a good option for someone with average credit who wants to earn cash back rewards on purchases. Because the APR is so high, it is not a good choice if you routinely carry a balance on your credit card account.