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Barclaycard Rewards MasterCard (Excellent Credit) Review

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Earn a 5,000 point bonus, equivalent to $50 cashback (as a statement credit), after your first purchase, no minimum purchase amount required.

The Barclay Rewards MasterCard is For: People with good credit, looking for rewards card with introductory APR.

Credit Rating Required: Excellent

Pros

  • low introductory rate
  • long introductory period
  • points bonus with first purchase
  • no annual fee

Cons

  • potentially high APR
  • low payout on cashback redemption

Rewards and Pricing

Rewards

  • 2 point per $1 on gas, groceries, and utilities
  • 1 point per $1 on all other purchases
  • 5,000 bonus points after the first purchase or balance transfer

Pricing Details

  • Promotional APR: 0% on purchases and balance transfers for 15 months
  • Purchases and Balance Transfer APR: 14.99%, 17.99%, or 24.99%
  • Cash Advance APR: 25.24%
  • Penalty APR: up to 30.34% (indefinitely*), depending on creditworthiness
  • Annual Fee: $0
  • Over the Limit Fee: $0
  • Balance Transfer Fee: $10 or 4% of the transfer ($10 or 3% during introductory period)
  • Cash Advance Fee: $10 or 5% of the cash advance (purchasing money orders, foreign purchases, and other cash equivalents will be treated as a cash advance)
  • Foreign Transaction Fee: 3% of the transaction in US dollars
  • Grace Period: 23 days

Detailed Card Review

The Barclaycard Rewards Mastercard rewards points on your purchases, one point on most purchases and two points on gas, groceries, and utilities. Just make sure you purchase your gas and groceries from a gas station and grocery store, respectively, and not a warehouse like Sam’s or Costco.

The card has an awesome bonus: 5,000 points after you make your first purchase. Barclaycard’s website says this bonus is to $50 cashback, so we can assume that one point is worth a penny; that’s what you earn for every dollar. Points redeemed as cash will show up on your billing statement as credit to your account.

You can also use your points for flights, shopping, dining, and more. There are no blackout dates and rewards don’t expire. But you do need to redeem a minimum of 2,500 points. Also, you can forfeit your points if you don’t make the minimum payment, become delinquent on your account, or your card is cancelled.

One of the best things about the Barclaycard Rewards MasterCard is the long introductory interest rate: 0% on purchases and balance transfers for 15 months. It’s one of the longest introductory rates of any card on the market right now. A balance transfer can even count as the first transaction for receiving the 5,000 point bonus.

If you’re approved, your interest rate will depend on your credit score. People with highest credit scores will receive the lowest interest rate. Since you’re trying to earn rewards on this card, it’s especially wise to pay off your balance each month. Otherwise, the interest payments will negate the benefit of the rewards.

Unfortunately, the introductory rate is only available for new customers.

Recommendation

The Barclaycard Rewards MasterCard is a good credit card, even if just for the introductory rate and the 5,000 point bonus, a bonus that's equivalent to $50 cashback.

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Last reviewed November 8, 2013. Credit card terms and sign-up bonuses are subject to change from the time of this review.

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