Barclays Rewards Mastercard Credit Card Review

The Barclays Rewards Mastercard is no longer offered. You can find similar cards on our Best Barclays Credit Cards page.

Barclays Bank is a multinational banking establishment that has its headquarters in London, England. They are a global bank, offering services across the world, including in America. They have around 48 million customers worldwide, and many of those customers are Barclay credit cardholders.

If you are looking for the best credit card, Barclays may have something that will be ideal for you. They offer several different cards for you to choose from, many of which offer a rewards program. Let’s take a closer look at the Barclays Rewards MasterCard and everything that it has to offer.

Benefits and Rewards

The Barclays Rewards MasterCard is yet another great rewards card that consumers consider because it offers tremendous rewards. They not only offer points with every purchase, but they will also double your points when you spend money at the grocery store, gas station or utility company. Unlike many other accounts that have points programs, your points will never expire so you don’t have to worry about ‘use it or lose it’. There is also not a cap on your points.

So, what exactly are the points used for? There are a lot of ways that you can redeem your points. First of all, you can start by using 1000 points to get $10 worth of gift cards of statement credits. You can also get deposits sent directly to your bank account. This is really like a cash back rewards program, which many people prefer over other types of rewards cards that offer travel discounts and perks.

Along with the points you earn, you will also be able to rest assured that they will have your back when you use the card. They give you online access to your credit score so that you can keep a constant check on what is going on with your credit, and also be aware if things change. They will also afford you with a $0 fraud liability, making it safer than ever to use your card. The card is also equipped with chip technology, which is the most secure card form to date.

Rates and Fees

Rates

• Min APR: 25.24%
• Max APR: 25.24%
• Balance Transfer: 25.24%
• Cash Advance: 25.49%

Fees

• Annual: $0
• Late Payment: $37
• Balance Transfer: $5 or 3%
• Foreign Transaction: 3%

It is easy to see that the Barclays Rewards MasterCard has a lot to offer in the way of rewards and perks, but let’s see how it measures up when it comes to the rates and fees. First of all, let’s look into the fact that there isn’t an annual fee. This says a lot, considering it is a rewards card. Most rewards card (not all, but a lot of them) do charge an annual fee. You won’t have to worry about that with this card.

The only fees that you will be assessed include balance transfer fees of a minimum of $5 or 3% of the transaction, cash advance fees of a minimum of $10 or 5% of the transaction, and foreign transaction fees that total 3% of the total transaction. That means that you will only be charged fees when you use your card on certain types of transactions.

That doesn’t take into consideration the penalty fees. Penalty fees, however, may be avoided altogether by making timely payments on your account each month. If you have a returned payment, or a late payment, however, you may be assessed a fee of up to $37 as a penalty. On top of that, it can do a number to your credit, so it is really just best to make your payments on time, every time.

On top of the fees, you will also need to be aware of interest rates. Your annual percentage rate, or APR, will be a variable rate that starts at 25.24% and may change based on market rates. This is the rate for both purchases and balance transfers. Cash advances are charged a bit of a higher interest rate, with their rate being 25.49% variable. You may notice that this card carries a bit higher interest rate than some of the other cards out there.

Final Thoughts

So, what do we have to say about the Barclays Rewards MasterCard? When it all comes down to what matters most, it does have a lot of great rewards and offers cardholders no annual fee. The interest rate, however, being higher than most may make this card one that people tend to shy away from. It seems that the interest rate is higher because they will extend credit to those with less than perfect credit, making it ideal for some people that need a credit card and can’t get a lower interest rate.

Not satisfied? Check out some of the best Barclays credit cards that we have reviewed.