Barclay’s offers a range of credit cards for its UK customers. This article is about the Barclaycard Initial, which is intended for customers with little credit history, who thus may have trouble obtaining another credit card. Though it does not offer the best interest rates or other features available on the market, it is nevertheless a good option for customers looking to build credit history and have an income stable enough to avoid complications with late payments and interest accumulation.
Barclay’s offers its customers online credit card applications and prompt approval notification. The requirements for the Barclaycard Initial are not as strict as some of the higher end cards offered by Barclay’s, but still have some requirements. Customers must earn more than £10,000 per year, with no CCJs or IVAs against them in the last 5 years, and must be at least 18 years of age and on the electoral roll. Its requirements are less stringent than its other cards, to be expected of a card for customers with little credit history.
Barclaycard Initial credit limit and interest rates
The Barclaycard Initial features a variable credit limit beginning at £250, going higher according to individual customer financial situation, and increasing with responsible bill payments. Given that it is a card for customers with little credit history, its APR is fairly high, with a typical 29.9% variable APR for purchases, cash, and balance transfers. However, it does feature an introductory 56 day period free of interest on purchases for customers with timely account management. The card carries no annual fee.
Barclaycard Initial benefits
Barclay’s offers a range of rewards benefits for its credit card customers, including its Barclaycard Freedom rewards program, offering 1% in rewards for its customers at participating shopping locations, and 0.5% at Shell. Barclay’s also offers Barclaycard Unwind, which allows customers ticket purchases and other event entrances. Customers are also not liable for credit fraud, and the account can be managed online.
Barclaycard Initial reviews
Financial publications list the Barclaycard Initial as a decent card for customers with little to no credit history and a desire to increase their credit ratings. Its approval process is not the easiest, as other cards such as the Vanquis Credit Card are offered to customers even with debt history, though the Barclaycard Initial does not have difficult approval requirements. Its interest rate is high, but not as bad as other introductory cards intended for customers with little to no credit. Customers who are able to make timely monthly payments will be able to use the card to build up good credit without disadvantages.
Barclay’s company information
Barclay’s was founded in 1690, and is now a worldwide financial firm and currently the 21st largest company worldwide, with the largest market share of any financial services provider.
Final thoughts on the Barclaycard Initial
Barclay’s lowest-end card is a decent option for customers wishing to establish a history of good credit. While its interest rate is not appealing, it is comparable to other initial cards in the market for customers new to credit, and individuals with a stable financial situation should have no difficulty avoiding the card’s only disadvantage
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