Barclaycard Rewards

By: Peter Stephens | Updated: 22nd October, 2019.

If you're looking for simple, everyday cashback on a Visa credit card, then this could be a good match.

Great for: Everyday cashback
2 stars question mark

There just aren’t many cashback offers these days. Which makes the Barclaycard Rewards worth checking out because it does provide simple, uncomplicated cashback. The 0.25% cashback rate, which is good on all spend until 31 August 2023, isn’t top of the market, but if you’re looking for an easy credit card with no annual fee that pays some level of cash on your spend, then this is worth a look.

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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)
  • No annual fee
  • Savings on live events through Barclaycard Entertainment

REPRESENTATIVE EXAMPLE

Representative rate 22.9% APR (variable)
Purchase rate 22.9% p.a. (variable)
Based on borrowing £1,200

what we like

  • 0.25% cashback on all spending (until 31 August 2023)
  • No annual fee
  • Savings on live events through Barclaycard Entertainment
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    22.9%
  • INTRO OFFER:

KEY SCORES:

  • 1/5 Perks
  • 3/5Fees
  • 2/5APR

HIGHLIGHTS

  • 0.25% cashback on all spending (until 31 August 2023)
  • No annual fee
  • Savings on live events through Barclaycard Entertainment

REPRESENTATIVE EXAMPLE

Representative rate 22.9% APR (variable)
Purchase rate 22.9% p.a. (variable)
Based on borrowing £1,200

BOTTOM LINE

There just aren’t many cashback offers these days. Which makes the Barclaycard Rewards worth checking out because it does provide simple, uncomplicated cashback. The 0.25% cashback rate, which is good on all spend until 31 August 2023, isn’t top of the market, but if you’re looking for an easy credit card with no annual fee that pays some level of cash on your spend, then this is worth a look.

Credit Rating Requirement: Good/Excellent

What I like

  • Cashback – The card offers 0.25% cashback on all spending (until 31 August 2023). While it’s relatively easy to find rewards credit cards, cashback cards are much rarer finds these days. So for those that don’t want to worry about converting rewards points and trying to maximise the value of those points, cashback can be a great choice.
  • Visa card – This card uses the Visa network, which means it is widely accepted. This could help to boost an individual’s total cashback.
  • Savings on live events – 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. This could help to further differentiate the card from its rivals, especially for individuals 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.
  • Foreign transaction fees – Previously, this card offered no fees on non-sterling transactions. That made it significantly more attractive as a cashback card that could also easily used abroad. Currently, the card charges 2.99% on foreign transactions. That makes the card a poor choice for spending abroad.
  • 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 Rewards 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?

It’s for those looking for a card that rewards spending with cashback, rather than rewards points, that this card will offer appeal. Unfortunately, it doesn’t stack up well in terms of the cashback rate that it pays. At 0.25%, the card is easily topped by others on the market.

So why consider it at all? Two factors that differentiate it somewhat from other cashback cards on the market are the fact that it’s a Visa card and that it gives cardholders access to Barclaycard Entertainment.

For those concerned about wide acceptance of their credit card, it’s hard to beat Visa’s network. You’ll have a tough time finding a shop or restaurant that accepts credit cards that doesn’t accept Visa.

And if you are a frequenter of live events, the Barclaycard Entertainment tie-in could also set this card above others. Barclaycard Entertainment offers discounts on event tickets, access to presales, and even discounts on food and drink at certain venues. Because there’s no annual fee on the card, this could even be a card mainly for your live-event spend. But again, that only really makes sense if live events is something you do on a regular basis.

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 Rewards credit card right for you?

If you want the ease of cashback rewards, want wide acceptance of your credit card, and frequent live events, this card could be a good match.

On the other hand, the cashback rate is not particularly impressive. and if you don’t care much for live events, then the appeal drops further.

If what you’re looking for is a cashback card that gives you a competitive cashback return on your spend, then you should be sure to look at the competition, because you may find a deal that you like better.

See the Best Cashback Credit Cards


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