Short-term cash flow issues don’t require massive loans as they can be resolved with credit cards. When used wisely, a credit card can be a handy object in a wallet. However, it does require a fair amount of discipline. Barclays Credit Cards help customers meet their short-term cash flow needs.
Read here on some of Barclays' other loan types for the best option.
How to Use a Credit Card Responsibly
Customers who have a good credit rating and earn a decent income will have the world at their feet when it comes to credit cards. The limits to do be higher and the interest rates a little more favorable. However, credit card debt has the potential to derail those credit scores and cause customers extreme anxiety and frustration when things go wrong. In order to prevent this, there are a few principles to follow.
- Pay off monthly necessities every month – Items such as groceries and fuel should be settled in full every month as these are recurring expenses. Going into debt for essential items could cause problems later down the line when the credit limit is reached and there are no other means of providing for the family.
- Only use credit cards for emergency purposes – this ensures that the credit facility is available when an emergency takes place. This will prevent going into further debt.
- Make monthly payments on time – one late or missed payment on a credit card wreaks havoc with the creditworthiness of a consumer.
- Keep an eye on fees and charges – avoid accessing cash from a credit card, as there is usually a massive fee related to it.
Some History on Barclays Bank
Barclays Bank was started as a bank for goldsmiths by John Freame and Thomas Gould in 1690. Other industries soon followed, which marked the start of the expansion of what is now known as one of the biggest banking groups in the world. The 1700s proved to be an iconic era for the bank as they unveiled both the premises at 54 Lombard Street in London, as well as the Sign of the Black Spread Eagle. It was also during the 1700s that the bank’s namesake James Barclay became a partner.
Negative public opinion is nothing new to the bank. From slavery to criticism of their support of an Apartheid regime, Barclays has had to face it all. Public opinion currently doesn’t bode well for the bank at all, as the 2008 market collapse affected the bank in more ways than one. Barclays’ purchase of a division of Lehman Brothers proved to be a financial disaster. This resulted in a massive drop in profits, which forced the bank to close many of its branches. Once again, this fuelled an already fragile public opinion.
Customer loyalty is on the forefront of the bank’s agenda, closely followed by a tight reign of profits. Online banking continues to be a sore spot for many traditional banks, as the reliance on banking structures become minimal. This will affect the employment figures as branches are no longer needed to service the needs of customers. For the time being, customers are still required to go into the branches to fulfill their banking needs.
We recently did a full review on Barclays Bank. Read here to find out more.
Barclays Bank Credit Card Product Offerings
Barclaycard Platinum with 25 Months Purchase and Balance Transfer Offer
This is the ideal credit card for customers who wish to benefit from no interest for the first 25 months of opening the card.
- The 0% interest offers is available on purchases, as well as balance transfers made within 60 days of opening the account.
- Furthermore, a balance transfer fee applies.
- Once the initial 25 months are over, customers pay a variable interest rate.
Barclaycard Platinum 37 Month Balance Transfer Card
Customers who have high balances at other institutions will find this card to be suitable.
- There is 0% interest for 37 months on balance transfers made within 60 days of opening the account.
- There is a fee of 3.5%, however, is reduced to 1.4% by refund.
- Furthermore, customers will enjoy a 0% interest on purchases for 6 months from the date they open their account.
- Finally, the credit limit is based on affordability and creditworthiness.
This is the ideal card for those who wish to build up their credit with the bank. Furthermore, there is 0% interest on purchases for 3 months from the date they open their account.
- Customers will enjoy a credit line of £150 to £1,200 subject to their status.
- Furthermore, customers enjoy free and ongoing access to their Experian Credit Score.
- Finally, customers may be offered a different credit limit based on their individual circumstances.
Barclaycard Platinum Travel Credit Card
With this card, customers will enjoy no non-sterling transaction fees on their foreign spending and ATM withdrawals until 31 August 2018.
- Customers have the opportunity to take advantage of Visa’s competitive exchange rate.
- The rates are 14.9% interest on purchases and 27.9% interest on ATM withdrawals at home and abroad.
- Finally, the limit on the card is based on the individual’s credit rating and affordability.
Barclaycard Platinum No Fee 24 Month Balance Transfer Card
Customers who wish to earn 0% interest for 24 months on balance transfers, will find this card suitable. Furthermore, the transfers need to take place within 60 days of opening the account.
- This card also doesn’t levy any balance transfer fees.
- Customers also enjoy 0% interest on purchases for 6 months from the date they open the account.
- Finally, the limit is determined by the customer’s creditworthiness and affordability.
Barclaycard Platinum 18 Months Balance Transfer Card
There is 0% interest for 18 months on balance transfers made within 60 days of opening this account. Furthermore, there is a 2.99% balance transfer fee.
- Customers pay 0% interest on purchases for 3 months from the day they open the account.
- Also, the limit is determined on application and is based on the client.
Barclaycard Freedom Rewards Card
Customers enjoy 0% interest on purchases for a year from the date they open the account.
- Furthermore, there is also 0% interest for a year on balance transfers made within 60 days of opening the account.
- Also, customers will earn freedom points every time they spend on their card. These points can be redeemed for great rewards.
- Finally, the limit on the card is determined by the client’s creditworthiness and affordability.
What We Like About the Barclays Credit Cards
The bank offers different options for those who find themselves in different stages of life. Many of the cards offer some form of balance transfer option, which makes it a good choice for those who have cards with other institutions. There is an option for travelers and also those who wish to earn rewards.
The interest rates are reasonable, and customers are encouraged to select the option that will suit their pockets best. Balance transfer fees are communicated from the start, therefore, no ugly surprises later.
Customers also have access to a card that will help them rebuild their credit score. This card is secured with funds and the limit is equal to the security amount. Once the bank is satisfied with the conduct of the client, the security amount will be made available to the client again.
Finally, this is a simple way to access funds for those who wish to bridge short-term financial gaps.
Find out why the Ally Bank Credit Card rates as one of the top choices for online customers here.
What We Don’t Like About The Barclays Credit Cards
There are too many cards that offer more or less the same. The cards are geared more towards those that have cards at other financial institutions than customers who are new to the world of credit cards.
Furthermore, the balance transfer fees are some of the highest on the market. Customers may find this fee exorbitant, as there are institutions that don’t ask transfer costs at all.
The cards don’t offer enough rewards or special benefits. The product offerings across the board are a little wan.
Finally, the pricing on the cards isn’t discussed in detail. Certain transactions attract additional fees and customers need to be aware of them before locking themselves into an expensive card.
Critical Reviews Rating Barclays Credit Cards – 7 of 10
There are some pretty amazing balance transfer options in the Barclays range. But that is also where the appeal of these cards end, as there is not much else going on. Sure, some of the cards offer 0% interest on purchases, a card for traveling, and a card with rewards. Overall, the options are very underwhelming.
The other point that took this rating down a notch, was the absence of fees. In order for a customer to make an informed decision, these need to be front and center of the product’s page.
Finally, something else the bank can work on is the balance transfer fee. Although a good source of income for the bank, other institutions are getting away with not charging it at all. This will hardly encourage customers to flock to Barclays for their credit cards.
For those who want a loan for something a little more substantial, have a look at the Barclays Mortgage options here.