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The Barclaycard Rewards MasterCard® is a great option for consumers with fair or average credit that want to avoid paying an annual fee, earn generous rewards points, and build or re-build their credit.
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Build Your Credit With the Rewards MasterCard
The Barclaycard Rewards MasterCard® offers consumers with even below average credit to earn cash back rewards and build their credit.
Barclays Bank Delaware (Barclaycard) offers a program where, if you make 5 consecutive on-time payments, your account will be reviewed to determine if it is eligible for a credit line increase. This is similar to the Capital One Credit Steps Program, and offers a great opportunity to build or rebuild your credit.
Another bonus for those looking to build up their credit score is that the card reports to all 3 major credit bureaus every month.
Additionally, you can opt in and elect to receive a complimentary FICO® credit score. So you can monitor your credit while you improve your score.
Rewards Program Explained
Barclaycard Rewards cardholders benefit from a nice rewards program. You earn two rewards points (i.e., 2% cash back) for every dollar spent to purchase gas, groceries and utilities. You will also earn one point (1% cash back) for each dollar spent on all other purchases. There is no limit on the number of points that you can earn.
Your points can be redeemed once you earned a minimum of 1,000 points. Each point is worth $0.01, so 1,000 points can be redeemed for $10. Your points are then redeemed as one of the following (at your option):
- A statement credit for purchases made within the last 90 days
- Cash back
- Gift cards
- For merchandise through the Barclaycard rewards website.
To redeem your points, just log on to the Barclaycard website.
To top it off, your rewards are not capped, they never expire (as long as your card is open, active and in good standing*), and there are no redemption fees.
One word of caution: Your grocery purchases at Target® and Walmart® will not qualify for 2x rewards. However, this is a limitation that most major card issuers (Including American Express) put on their cards.
Interest Rates and Fees
While the card has no annual fee, it does carry a number of other fees highlighted below. The fees are a little high, but are still reasonable for a card aimed at consumers with fair and average credit.
The Bottom Line
If you have fair or average credit, the Barclaycard Rewards MasterCard® is a great option to consider. It offers a flexible rewards program with no annual fee, and helps you rebuild our credit by
- Reporting to all three credit bureaus;
- Providing you with your score to monitor; and
- Reviewing your account for credit line increases after 5 consecutive payments.
While the rewards program is appealing, you will need to keep in mind that the 25.24% APR and fees for cash advances are higher than some other cards.