Barclaycard Rewards MasterCard Review 9 Comments
Hey everyone, thanks for swinging by for this week’s review! When I write reviews here, I generally go over different investment platforms, money management tools and similar financial products. However, if you’ve been following the reviews for some time now, you know that every once in a while, I come across a credit card that is interesting enough for me to want to do a detailed review on it. Today is one of those days and the card is the Barclaycard® Rewards MasterCard®.
Barclaycard® Rewards MasterCard® Short Review
Barclaycard® Rewards MasterCard® Pros: This card has a lot of really neat perks. First off, the rewards are definitely flexible. You can redeem your points for just about everything from flights to gift cards. If you don’t want to redeem your points for any of the product based options, you can also use your points to pay your balance. So, it’s a cashback card. I could go over the rewards for quite some time, but this is the short review. For more details scroll down to the long review. Another cool thing about this card is that there are none of the 3 big kickers. It comes with no annual fee, cash back limits, or blackout dates!
Barclaycard® Rewards MasterCard® Cons: With the good comes bad in just about any instance of life. Such is the case with this card. It’s got a higher than average interest rate weighing it at a whopping 24.99%(variable rate based on prime, calculated at the time of writing this review). I’ll get into how you can avoid the interest in the long review!
Barclaycard® Rewards MasterCard® Overall: Due to the high interest rates, I’d say that this card isn’t for everyone. It’s reserved for those who have a good grasp on the idea of compound interest rates and how to avoid them. However, if you love to churn rewards credit cards, and really know what you’re doing, this could be the perfect card for you!
Barclaycard® Rewards MasterCard®d Long Review
Short reviews never really have enough information for me, I’m more of a detail oriented person…or, at least I like to think I am. Anyway, for those of you that want the details, here’s the long review.
Because the only real negative I’ve found associated with this card is the pricing, I’m going to go over that first. When it comes to the annual fee, it’s awesome! That’s because this card doesn’t come with one. When it comes to standard fees like transfer fees, cash advance fees, etc… they’re average. But, when it comes to the interest rate, we see the above average number of 24.99%.
Now, rewards card users know that rewards generally come with higher than average interest rates and how to use the cards responsibly. However, for those of you that haven’t ever used a rewards credit card, there’s one big thing that you’ll need to understand in the beginning. Credit card debt creates compound interest. That means, in many cases, if you’re not careful, you will find yourself paying interest on interest charges. That can be very expensive. That being said if you’re going to use the Barclaycard® Rewards MasterCard®, make sure to pay the card off within the grace period every time. This way, you won’t find yourself paying any interest at all.
OK, now let’s get into the fun stuff. This card is a rewards credit card, and it’s one of the best out there in terms of rewards programs. Generally, with rewards credit cards, you’ll find categorized rewards. You have to choose cash back or skymiles or gift cards or gas. That’s not the case with this one. With the Barclaycard® Rewards MasterCard®, you basically create your own rewards system. If you want to purchase plane tickets, go ahead. Would you rather use the cash value of your points to pay down your balance? That’s OK too! It is definitely one of if not the most versatile rewards programs on the market today.
Finally, we all love sign up perks and extra points. With the Barclaycard® Rewards MasterCard®, you’ll earn 2,500 bonus points after your first purchase. You also get an extra point per dollar spent on gas, groceries, and utilities! Of course, as with most other rewards programs, you’ll earn 1 point for every dollar you spend.
My Final Opinion Of The Barclaycard® Rewards MasterCard®
I’ll start out by saying, this is an awesome option for the right person. The bottom line is, there is no financial option that was designed for absolutely everyone. Each option has a specific use and was designed for a specific group of people. That being said, this one is designed for the consumers that have a good grasp of money management and the cost of credit card debt. If you are a newcomer to compound interest rates and revolving debts, you may want to find an option that has a more competitive interest rate. But, if you’re in it to churn rewards, by all means, this is the card for you!
Author Bio: Check out Josh Rodriguez at his blog www.CNAFinance.com where he writes about a wide variety of finance topics.