Barclaycard® Rewards MasterCard® Review for 2013

APR for Purchases

The Barclaycard® Rewards MasterCard® comes with a 0% introductory APR that’s in effect for the 1st six months (12 months for excellent credit version) the account is open. After that period, the rate adjusts to a variable APR that is presently tiered at 14.99%, 17.99%, or 24.99% depending on creditworthiness & reward benefits. When the introductory APR expires, the minimum interest payment on cards carrying a balance is $2.00.

The opening APR can be eliminated early in the event from a late payment, in which case a penalty APR of up to 30.24% may be applied. Even during the introductory period, it’s important to make all payments promptly.

Balance Transfers

For balance transfers, it’s 0% APR for the first 6 months. Likewise, after six months, the interest on balance transfers moves to the same three levels as for purchases: 14.99%, 17.99%, or 24.99%.

Fees

This card has no yearly fee. It does charge a fee for balance transfers: the greater of $10 or 3% for the first 15 months, and the greater of $10 or 4% after that. Cash advances come with a fee equivalent to the greater of $10 or 5%, along with an APR of 25.24% on that portion of the balance.

Either a late payment or a returned payment brings a fee of “up to” $35.

Reward Points

Barclaycard® Rewards MasterCard® offers two Rewards points for every dollar spent on “day-to-day purchases,” such as gas, groceries, and utilities*. It also offers one point per dollar on everything else, and 5,000 bonus points awarded after the first purchase or balance transfer. Points can be saved for statement credits; they’re applied to any purchase on the previous statement of $25 or more, at a rate of 100 points per dollar redemption. The bonus 5,000 points are worth a statement credit of $50. Rewards points don’t expire, so long as the account remains active and in good standing.

The Barclaycard® Rewards MasterCard® provides a fantastic 0% APR opening period of a full year on purchases and 15 months on balance transfers. The reward redemption choice is limited to purchase reimbursement, and the interest after the opening period is rather high, but the card remains a good option for consumers who want to use the introductory period to pay down balances and can pay off the balance in full every month after the first year.