Barclaycard Rewards MasterCard Review: A Promising New Card From an Old Bank
This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. Please visit our Advertiser Disclosure to view our partners, and for additional details.
One of the most venerable banks in the world is now offering a rewards credit card to consumers in the United States. The Barclaycard Rewards MasterCard® is another in the recent trend of credit card offerings that go back to basics with a straightforward, non-rotating rewards system.
Barclaycard promises that the Rewards MasterCard will provide cardholders with extra rewards for the things they buy most every day. Let's take a look at whether or not the Barclaycard Rewards MasterCard lives up to its promises.
Why We Like This Card
- Generous rewards on everyday purchases
- Easy rewards program
How This Card Works
The Barclaycard Rewards MasterCard comes with a straightforward points rewards system. You receive 2x points when you buy gas and groceries. You also receive 2x points for utility payments made with your credit card. All other purchases earn 1x points.
You can redeem your points for rewards like cash back statement credits and gift cards starting at 1,000 points for $10. This system means that you don't have to worry about blackout dates and other restrictions on reward redemption. Barclaycard doesn't limit your ability to earn cash back rewards/statement credit.
Because there are no category rotations, you don't have to sign up to receive your rewards each quarter. You just make purchases as always to receive your cash back rewards.
MasterCard benefits. This card comes with MasterCard benefits, and you qualify for them depending on which account you end up with. Platinum, World, and World Elite benefits apply, depending on which version of MasterCard you receive as your Barclaycard Rewards MasterCard.
Free FICO credit score. For as long as you're a cardmember, you'll receive complimentary online FICO credit score access, which gives you an easy way to keep an eye on your credit. You can also receive alerts for when your credit score changes.
Credit line increase. After making 5 consecutive on-time payments, your account will be reviewed and you may be eligible for a credit line increase.
Chip technology. Each card comes with an embedded chip that is designed to make paying for your purchases more secure at chip-card terminals here in the U.S. and abroad.
- $0 Annual Fee
- 24.99% APR (purchases and balance transfers); 25.24% (cash advance)
- 3% Balance Transfer Fee (or $5, whichever is greater)
- 3% Foreign Transaction Fee
Generous rewards on everyday purchases. The main benefit of the Barclaycard Rewards MasterCard is the generous bonus points on everyday purchases like groceries, gas, and utilities. This means that you don't have to worry about signing up for different categories each quarter. The types of purchases that garner you bonus points also make it easy to incorporate your credit card spending into your regular budget. Since you buy gas and groceries on a regular basis, this card rewards you for common purchases, rather than requiring you to go out of your way for entertainment and restaurants to get more points.
Easy rewards program. The ease of redeeming rewards, and the fact that there are no blackouts and no limits, makes this program straightforward and easy to deal with.
No overlimit or annual fee. It's also a nice touch that there is no over the limit fee, along with no annual fee.
Rewards and card requirements. In order to participate in the rewards program, your account has to be in good standing. Also, read the fine print since there are account activity requirements associated with this card.
Foreign transaction fees. It's also a bit disappointing that there are foreign transaction fees. Many credit cards are moving away from these fees, and one would hope that a bank with an international reputation and presence wouldn't charge foreign transaction fees.
Who This Card Is Best For
The Barclaycard Rewards MasterCard® is ideal for someone who is interested in earning extra rewards for everyday purchases. It's perfect for the consumer who puts all of his or her groceries and gas on the credit card and then pays the balance at the end of the month. It is also a great card for those who can arrange to pay their utilities automatically by credit card; you can get double the points without having to think about it.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.