@tntexans72 wrote:
@kdm31091 wrote:
I think the average consumer who gets this card will not have any issue if they spend a lot on it etc...the Barclay's "finicky" behavior primarily impacts people like us who apply for credit more frequently than most. Since the redemption threshold on this is $50, which translates into into roughly $3300 in spending, I'm sure Barclay's expects people to spend money on this card and won't bat an eye.
If you are going to use as a daily driver, the $50 is not that big of a deal, but when you consider that there are equivalent options with no such restrictions, it becomes a bigger deal...it's similar to the age old Venture/Arrival vs Fidelity/Double Cash debate. One set of cards is basically a restricted version of the other set, and since the less restricted set is available, it begs the question "why go for the other option?". A Quicksilver gives you the same 1.5% along with the same signup bonus, and no redemption threshold to worry about. Taxi's right -- most people aren't redeeming for tiny amounts anyway -- but flexibility beats no flexibility. I hope it's not like amex, where not only is there a threshold but your redemptions have to be in increments of said threshold (which is certainly annoying).
If you really want to be "in with Barclay" and are in the camp that finds that being "in" makes a difference, it's not like this is an awful card or anything, just nothing super special IMO. This, however, doesn't appear to be one of their "starter cards" as it's listed for "excellent" credit whereas the Rewards is for "fair" and even the arrivals are for "good/excellent". So you may have to start with one of those anyway. Citi may not be super easy to get in with but Barclay's is certainly conservative a lot of the time.
One thing you need to understand is not everyone here can get a QS. Sometimes certain banks like you and others don't. Everybody's situation is different. What works for you may not work for others. In any event, 60% of ppl carrys a balance month to month based on bankrate data, so the 1-3% ROI on these cards can be irrelevant for those 60%. The apr approval defines the CC. That's the big picture in all this, not the 1,2,3,4,5 % cash back. If we all are a pif customer, than we are winning the apr % war between banks and consumer. The minor cash back % is to lure us in to pay the APR. good day!
I totally agree about APR vs cash back. The rewards are just an incentive; if you pay interest, that's (the rate) certainly more important to worry about.
Not everyone can get a QS you are totally right on that, but Capital One generally is known to be pretty "forgiving" and is often one of the first lenders to "let someone back in" with major CCs. Of course they deny people sometimes, though.
But Barclay's is not exactly known to be lax. Their Sallie Mae card, marketed to students, was notoriously a very difficult card to actually get, underwriting wise. Not to mention how many Barclay recon threads come up on a weekly basis because of the conservative nature they tend to have. I don't know where this new card stands on their underwriting standards but judging by the "excellent" designation I'd wager that there will be plenty of people who cannot get this one either. However, I do agree that some lenders seem to "like" a person more than others, for reasons unknown. Barclay's hates inquiries and new accounts anecdotally, and I had several when I got my Upromise in August -- and I got the best APR, suggesting that they didn't care too much. So as always, YMMV.
