The Barclay CashForward MasterCard is the newest addition to the many Barclaycard credit cards already on the market. It is a World MasterCard that lets members earn cash rewards on every purchase all the time without having to worry about rotating categories or spending caps. It currently offers a signup bonus as well as an introductory APR on purchases and balance transfers. There is no annual fee charged for this card.
New members can get a $100 cash rewards bonus after making a minimum of $500 in eligible net retail purchases within the first 90 days that your account is open. Net purchases are the total amount of your transactions minus any fees, credits or returns. The Cash Rewards Bonus will appear on the billing statement in which you qualify to earn the bonus. Your account must be active and in good standing to receive the $100 cash rewards bonus.
New cardholders receive a 0% introductory APR for the first 12 months on both purchases and balance transfers. After this period ends, the variable APR will be 14.99%, 18.99% or 22.99% (tied to the Prime Rate). Your specific APR is determined at the time of approval and is based on your creditworthiness at that time. To qualify for the promotional APR, balance transfers must be completed and post to your account within 45 days of account opening. Balance transfers are subject to a fee of $5 or 3% of each balance transfer amount (whichever is greater). This fee is not waived.
Members earn unlimited 1.5% cash rewards on every purchase all the time. Cash rewards can be redeemed for a deposit into your bank account, a statement credit or gift cards. Redemptions start at $50.
Members receive a 5% cash rewards redemption bonus to use towards your next redemption each time you redeem your cash rewards. Cash rewards do not expire as long as your account is open, active and in good standing.
Account holders receive additional benefits including:
- 0% Fraud Liability – means you’re not responsible for unauthorized charges that you report.
- Chip Card Technology – means greater security when using your card to pay for purchases at chip-enabled terminals.
- Free Access to FICO Credit Score – makes it easy to keep an eye on your credit.
Cardholders are charged a 3% foreign transaction fee for all purchases made on the card while traveling internationally.
This card has no annual fee.
The Facts
Below we have broken down the specific details of the Barclaycard CashForward MasterCard to help you determine if it’s a good choice.
The Good:
Signup bonus:
New members have the opportunity to earn a $100 cash rewards bonus after making a minimum of $500 in eligible net retail purchases within the first 90 days that your account is open. Net purchases are considered the total amount of your transactions minus any fees, credits or returns. The Cash Rewards Bonus will appear on the billing statement in which you qualify to earn the bonus.
Note: Your account must be active and in good standing to receive the $100 cash rewards bonus.
Introductory APR:
New cardholders receive a 0% introductory APR for the first 12 months on both purchases and balance transfers. After this period ends, the variable APR will be 14.99%, 18.99% or 22.99% tied to the Prime Rate. Your specific APR is determined at the time of approval and is based on your creditworthiness at that time. To qualify for the promotional APR, balance transfers must be completed and post to your account within 45 days of account opening. Balance transfers are subject to a fee of $5 or 3% of each balance transfer amount (whichever is greater). This fee is not waived.
Simple cash rewards program:
Members earn unlimited 1.5% cash rewards on every purchase all the time. Cash rewards do not expire as long as your account remains open, active and in good standing.
Simple redemption process:
Cash rewards can be redeemed for a deposit into your bank account, a statement credit or gift cards. Redemptions start at $50.
5% redemption bonus:
Members receive a 5% cash rewards redemption bonus to use towards your next redemption each time you redeem your cash rewards.
Additional benefits:
Account holders receive additional benefits including:
- 0% Fraud Liability
- Chip Card Technology
- Free Access to FICO Credit Score
Good Credit Required:
Unlike many rewards cards which demand excellent credit, this card generally requires a good FICO score of 690-720.
No annual fee:
There is no annual fee associated with this card.
The Bad:
Various APRs:
After the promotional APR expires on purchases and balance transfers, you will be assessed a variable APR of 14.99%, 18.99% or 22.99%. The rate you receive is determined by your creditworthiness so if your credit report has some blemishes you may be hit with a high APR.
Foreign Transaction Fee:
Members are charged a 3% foreign transaction fee on all purchases made while traveling outside of the U.S.
The Ugly:
Weak rewards program:
Members earn 1.5% cash back on all purchases all the time. In today’s competitive rewards market that isn’t considered a great return on your spending.
High redemption threshold:
Redemptions start at $50 which is a fairly steep minimum amount.
If a lot of your monthly income goes towards groceries you may want to look at Blue Cash American Express (annual fee of $75). Members earn 6% cash back on groceries with an annual cap of $6,000. If gas purchases make up a hefty part of your budget, consider the BankAmericard Cash Rewards Visa (no annual fee). It offers 3% cash back on gas plus 2% cash back on groceries with a combined limit of $1,500 per quarter. Finally, Capital One Quicksilver (no annual fee) offers members 1.5% cash back on every purchase with no rotating categories. Plus, it charges no foreign transaction fees.