Barclaycard Platinum Cashback Plus

By: Peter Stephens | Updated: 15th May, 2019.

Great for: Everyday cashback and no foreign spending fees
4.5 stars question mark

The Barclaycard Platinum Cashback Plus provides users a nice combination of earning cashback and saving on fees abroad. The card has no fee on non-sterling transactions and no fee on cash withdrawals made abroad. Added to that, you can earn 0.5% cashback on everything you spend for the first three months, and then 0.25% after that (until 31 August 2023). There's no limit on how much cashback you accrue.

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CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0.25% cashback on all spending (until 31 August 2023)
  • 0.5% cashback on all spend for the first 3 months
  • No fees for spending abroad

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.9% p.a. (variable)
Based on borrowing £1,200

what we like

  • 0.25% cashback on all spending (until 31 August 2023)
  • 0.5% cashback on all spend for the first 3 months
  • No fees for spending abroad
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    21.9%
  • INTRO OFFER:

    0.5% cashback on all spend in the first three months

KEY SCORES:

  • 3.5/5 Perks
  • 5/5Fees
  • 2.5/5APR

BOTTOM LINE

The Barclaycard Platinum Cashback Plus credit card has an appealing offer which includes cashback, rewards and no foreign transaction fees. As a travel card, it has significant appeal. But the opportunity to generate a higher rate of cashback elsewhere means that there may be better cards available for day-to-day use in the UK.

Credit Rating Requirement: Good/Excellent

What I like

  • No foreign transaction fees – The Barclaycard Platinum Cashback Plus credit card does not charge a non-sterling transaction fee. This means that it can be used internationally, as well as in the UK, without incurring a fee. This is unlike many other credit cards that can often charge up to 3% of the total transaction when used to pay for goods or services in currencies other than sterling. Cash withdrawals made while abroad are also not subject to fees. Alongside its lack of an annual fee, this could mean that it has significant appeal as a travel card.
  • Cashback – As well as being a useful travel companion, the card also offers 0.25% cashback on all spending (until 31 August 2023). This applies to domestic and international spending, and could help an individual to maximise their rewards over the course of the year. Cashback helps to broaden the appeal of the card beyond its travel credentials. Since it is a Visa card, it is widely accepted. This could help to boost an individual’s total cashback.
  • Rewards/introductory offer – The card offers access to Barclaycard Entertainment. This provides discounts on a variety of tickets to major events, as well as event perks and exclusive pre-sales. Alongside this, the card offers a bonus of a higher cashback rate of 0.5% in the first three months of opening an account. This could help to further differentiate the card from its rivals, especially for individuals who have a significant purchase ahead or who regularly frequent live events.

Why trust me

I have been writing for The Motley Fool since 2013, and have experienced the booms and busts of the UK economy for a number of decades both as an investor and a consumer. I have held various senior management positions during my career, while also setting up my own manufacturing company in 1996. It was subsequently sold in 2007. I have a keen interest in consumer finance, as well as in the stock market.

What could be improved

  • Cashback rate – While offering cashback is a plus for consumers, a rate of 0.25% is not the highest which can be obtained at the present time. For example, as of this writing, it’s possible to find cashback rates from 0.5% up to 1% — without paying annual fees. As such, it is possible for consumers who are seeking to maximise their spending to obtain a better deal elsewhere.
  • Balance transfer opportunity – The card does not offer a balance transfer offer. This is in contrast to other credit cards which have a 0% rate on balances that are transferred for a limited time after the account is opened. The Barclaycard Platinum Cashback Plus card also has a balance transfer fee which is applicable to all amounts that are transferred from an existing credit card. The balance transfer fee depends upon personal circumstances and is provided to an individual once they have been accepted for the card. As such, for consumers who are looking to reduce the amount of interest they pay on existing debt, there may be better options available elsewhere.

How does it stack up?

For consumers who are seeking a credit card to use when travelling internationally, this card offers significant appeal. Its lack of foreign transaction fees on spending and cash withdrawals when abroad could reduce the cost of holidays or international trips versus many other credit cards. The opportunity to access tickets for live events, including discounts, may also appeal to some consumers, depending on their personal tastes.

While this is categorised primarily as a cashback card, the cashback rate offered by the card is low when compared to other cashback cards. I find the card’s cashback offer mainly appealing when taken in context of the whole offer — that is, you get cashback on your spending, at home and abroad, along with the lack of foreign transaction fees I just mentioned.

That said, for those primarily looking to maximise cashback yield, other cards may be a better fit for day-to-day, domestic use. Since the Barclaycard Platinum Cashback Plus card does not have an annual fee, it may be a suitable second card for use when abroad. The cashback-plus-travel offer broadens its appeal, but it does not seem to quite succeed as being a ‘one size fits all’ card.

Credit score

The card is best suited to UK residents who are over the age of 21. It is not available to individuals who already have a card provided by Barclaycard. Individuals should have at least four years experience of managing credit, as well as an annual income of at least £20,000. Applicants must not have had an IVA or CCJ, nor have been declared bankrupt in the last six years.

The advertised rates for the card are representative. This means that they will be made available to 51% of successful applicants, with the remainder receiving different rates.

How to apply

Applications for the card can be done online, with there being an eligibility checker that can provide guidance on whether an applicant will be successful without hurting their credit score. This is a useful tool for individuals who are unsure whether they meet the criteria for the card, and takes only a few minutes to complete online.

Applicants will need various pieces of information to hand when seeking to obtain the card. This includes employment details, address details for the last two years and details regarding annual income.

Is the Barclaycard Platinum Cashback Plus credit card right for you?

As a travel card, the Barclaycard Platinum Cashback Plus credit card has significant appeal. Its lack of transaction fees mean that it could offer significant savings when used internationally. Having no annual fee means that it may be useful even for the occasional traveller, or for use as a second credit card.

The rewards on offer may also appeal to an individual, depending on their personal tastes. Access to live events could help to differentiate the card from its rivals.

The cashback component of the card makes it more appealing than a number of other travel-focused cards. It is, however, a lower cashback rate than can be achieved elsewhere. Therefore, it may be worth consumers opting for a different cashback card in order to maximise their spending in the UK, while using the Barclaycard Platinum Cashback Plus credit card for non-sterling transactions.

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