The next British invasion may hit your wallet instead of your music collection, with UK lending giant Barclays putting the spotlight on its Barclaycard brand, winning inroads to the American credit card market.
Giving Those with Fair Credit a Fair Chance at Rewards.
The self-branded Barclaycard Rewards MasterCard® offers borrowers with average credit the opportunity to earn perks and rewards usually reserved for consumers with higher FICO scores.
This No Annual Fee card offers you 2X points on purchases for gas, groceries (excluding Target® and Walmart®) and utilities and 1X points on all other purchases.
Free to Choose
Like similar programs from Chase, American Express, and Citi, (American Express and Citi are CardRatings.com advertisers) Barclaycard's reward structure isn't tied to specific partners doesn't require you to redeem your rewards points with a specific airline, restaurant, or retailer. Redemption values in Barclaycard's program compare favorably with those from similar programs that offer access to consumers with average credit.
How Barclaycard Rewards MasterCard® compares with other credit cards for average credit
Like other credit cards for average credit, this card balances perks with a much-higher-than-average APR. If you're trying to earn as many rewards points as possible, Barclaycard's convenient website and smartphone apps allow you to process payments throughout your statement cycle. You won't want to carry a balance on this card, though.
Because Barclaycard doesn't define a warehouse store as either a gas station or a grocery store, you might get a better overall redemption rate from a card that bears a retailer's brand. However, for most consumers with average credit, the lack of an annual fee makes this card a relatively risk-free way to build a long-term relationship with a trusted lender as they grow their U.S. operation. Just be sure to pay off your card consistently.
Rewards credit card for building or rebuilding credit
If you want to upgrade to a rewards credit card for average credit with no annual fee you might consider this card.
Credit reporting agencies rely heavily on your credit utilization ratio when calculating your credit score. Therefore, you'll get the most mileage from this account by keeping your monthly balance just above zero. If you've been using a prepaid debit card for routine expenses, switching to this card can give you added security and with the rewards program you can earn points thereby getting extra value with your purchases. Just submit your payments in time and keep your statement balance as low as possible.
Should you switch to Barclaycard Rewards MasterCard®?
If you're currently paying an annual fee just to participate in a credit card rewards program, the Barclaycard Rewards MasterCard offers a compelling alternative. However, as your credit score improves, you'll earn access to accounts with lower APRs and higher rewards redemption rates. Many of Barclaycard's own credit cards for good to excellent credit offer added rewards bonuses and lower APRs.