Author Topic: Barclay CashForward card  (Read 1577 times)

kimmarg

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Barclay CashForward card
« on: January 06, 2017, 07:50:52 AM »
My spouse and I each got a copy of a credit card offer in the mail yesterday. Normally I wouldn't even look before recycling but the toddler likes opening mail so I gave it to her. She opened it and gave me part and I stopped to read it. It appears to be a 1.5% cash back card on all purchases with a $200 cash back bonus after you spend $500 in the first 90 days. Has anyone heard of this? is there a catch? I easily spend $500 in 90 days so it seems like it's a free $200???? The interest rate is 15% or so APR but I don't intend to ever carry a balance so who cares.  Is there any downside to opening an account, spending $500, getting the $200 cash back and closing it again?

Nothlit

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Re: Barclay CashForward card
« Reply #1 on: January 06, 2017, 08:09:33 AM »
Besides the temporary hit on your credit score, there isn't really any downside. However, you may not want to close the account immediately after getting the bonus. The card issuer tends to not look very favorably on that. Keep the card for a year or so and charge something minor to it every few weeks just to make it look like you're using it normally.

If you have any plans to apply for a mortgage or other big-ticket loan in the next few months, I would probably not take the credit score hit. Otherwise, it shouldn't make much difference in the long run for your credit history.

This is actually a pretty run-of-the-mill credit card bonus offer. There are even better ones out there if you spend just a little time researching.
« Last Edit: January 06, 2017, 08:15:11 AM by Nothlit »

kimmarg

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Re: Barclay CashForward card
« Reply #2 on: January 07, 2017, 06:37:08 AM »
Besides the temporary hit on your credit score, there isn't really any downside. However, you may not want to close the account immediately after getting the bonus. The card issuer tends to not look very favorably on that. Keep the card for a year or so and charge something minor to it every few weeks just to make it look like you're using it normally.

If you have any plans to apply for a mortgage or other big-ticket loan in the next few months, I would probably not take the credit score hit. Otherwise, it shouldn't make much difference in the long run for your credit history.

This is actually a pretty run-of-the-mill credit card bonus offer. There are even better ones out there if you spend just a little time researching.

Thanks. I hadn't seen one with cash back bonus before, just various points programs I'm not interested in chasing. I think I"ll do it as why not get free money. I have another credit card doing nothing that just gets my nytimes and netflix subscription charges for $15/month might do something similar with this one.