topic Re: New Barclay Targeted Offer for New CC - CashForward in Credit Cards

New Barclay Targeted Offer for New CC - CashForward

barthooper — Wed, 21 Oct 2015 03:16:15 GMT

Spotted this post on Reddit tonight where a member refers to receiving a targeted mailer for this new Barclaycard, with a $500 spent in 3 months $100 bonus. Interestingly the poster mentions having the Sallie Mae. Did anyone else get this recently and is it possible that this is designed to soften the blow of altering Sallie Mae's rewards structure/discontinuing it altogether? I post this at the risk of beating the Sallie Mae dead horse once again but this is at least new information.

Re: New Barclay Targeted Offer for New CC - CashForward

kdm31091 — Wed, 21 Oct 2015 03:23:33 GMT

Like the reddit page says, looks like basically a worse version of a Quicksilver, especially with the 50 dollar redemption threshold. If this is supposed to replace a Sallie card, it seems to be nothing like it at all

Re: New Barclay Targeted Offer for New CC - CashForward

Anonymous — Wed, 21 Oct 2015 03:24:14 GMT

Well, this is definitely interesting. The card itself really isn't that special, it is like a Quicksilver but with a FTF, higher redemption requirements, but also a slightly higher return, but I think it's interesting that it's a targeted offer. To even apply from the link, you need an invite code. Why be so secretive about such a mundane card?

Re: New Barclay Targeted Offer for New CC - CashForward

thelethargicage — Wed, 21 Oct 2015 03:25:39 GMT

Definitely no Sallie Mae, but a non-cobranded WMC that reports as "Flexible Spending"? I've been looking for one of those...

Re: New Barclay Targeted Offer for New CC - CashForward

Anonymous — Wed, 21 Oct 2015 03:27:10 GMT

What a hideous card.

Re: New Barclay Targeted Offer for New CC - CashForward

kevinjjc — Wed, 21 Oct 2015 03:28:42 GMT

I wonder if they will eventually allow product changes to this new card. I have a Barclays NFL Extra Points card that I don't use.

Re: New Barclay Targeted Offer for New CC - CashForward

barthooper — Wed, 21 Oct 2015 03:30:05 GMT

@kdm31091 wrote:
Like the reddit page says, looks like basically a worse version of a Quicksilver, especially with the 50 dollar redemption threshold. If this is supposed to replace a Sallie card, it seems to be nothing like it at all

Like I said, this is all just conjecture but the fact that the poster is a Sallie cardholder makes me suspicious. I don't think it's intended to replace Sallie in terms of functionality but maybe Barclay's attempt to woo Sallie holders after the rewards structure changes? The timing is curious.

Re: New Barclay Targeted Offer for New CC - CashForward

kdm31091 — Wed, 21 Oct 2015 03:32:07 GMT

@barthooper wrote:
@kdm31091 wrote:
Like the reddit page says, looks like basically a worse version of a Quicksilver, especially with the 50 dollar redemption threshold. If this is supposed to replace a Sallie card, it seems to be nothing like it at all
Like I said, this is all just conjecture but the fact that the poster is a Sallie cardholder makes me suspicious. I don't think it's intended to replace Sallie in terms of functionality but maybe Barclay's attempt to woo Sallie holders after the rewards structure changes? The timing is curious.

Since most people who had a Sallie Mae card were people who frequent credit sites (as the card was never widely advertised), they know enough about rewards to know that this new card is pretty mundane. Therefore, I don't see this wooing many people! But I see what you're saying. There is probably a connection, and this could even be the card Sallie users are converted to someday (if that ever happens).

As jaylau noted it does have a slightly higher return than a QS, but we're talking pennies, nothing substantial, and the redemption requirement is pretty steep for such an average card.

Re: New Barclay Targeted Offer for New CC - CashForward

barthooper — Wed, 21 Oct 2015 03:38:28 GMT

@kdm31091 wrote:
@barthooper wrote:
@kdm31091 wrote:
Like the reddit page says, looks like basically a worse version of a Quicksilver, especially with the 50 dollar redemption threshold. If this is supposed to replace a Sallie card, it seems to be nothing like it at all
Like I said, this is all just conjecture but the fact that the poster is a Sallie cardholder makes me suspicious. I don't think it's intended to replace Sallie in terms of functionality but maybe Barclay's attempt to woo Sallie holders after the rewards structure changes? The timing is curious.
Since most people who had a Sallie Mae card were people who frequent credit sites (as the card was never widely advertised), they know enough about rewards to know that this new card is pretty mundane. Therefore, I don't see this wooing many people! But I see what you're saying. There is probably a connection, and this could even be the card Sallie users are converted to someday (if that ever happens).

As jaylau noted it does have a slightly higher return than a QS, but we're talking pennies, nothing substantial, and the redemption requirement is pretty steep for such an average card.

Agreed. It would do very little in the way of wooing current Sallie holders, who are definitely aware of their options.

Re: New Barclay Targeted Offer for New CC - CashForward

CreditCuriosity — Wed, 21 Oct 2015 03:57:04 GMT

Meh at best.. Only redeming quality if someone knows credit is it is a single TU HP.. Although it appears one has to be invited, why? FTF and well lets be honest Barclay's watching your every move and possible AA at any time.. Rather take the triple pull for the QS. $50 redemption is bad as well. Curious why it isn't open to the public more than anything as it isn't the cat's meow by any means. Apr for Barclay's at 14.99 isn't bad, but comared to competitors not up to par.

Re: New Barclay Targeted Offer for New CC - CashForward

Anonymous — Wed, 21 Oct 2015 06:10:58 GMT

Very cool!!! Glad to see more general spend cards out there! Folks could consider one of these as a secondary app alongside a Ring

Re: New Barclay Targeted Offer for New CC - CashForward

celluloid17 — Wed, 21 Oct 2015 08:13:09 GMT

If this is ultimately going to be a Sallie Mae replacement then sayonara Barclays!

This is a completely underwhelming product. This is essentially a Fidelity Visa with a very slight bonus. Quicksilver eclipses this by nearly every metric aside from the number of HPs. Citi Double Cash also trumps this in the MasterCard category in both the percentage of cash back and the swifter access to that earned cash.

The $50 redemption threshold is especially ridiculous and prohibitive considering all the other options out there without such restrictions.

ETA: What's crazy is, all they would have to do to outshine Quicksilver is eliminate the redemption threshold (allowing for redemption at any amount like Cap1 and Discover) and drop the FTF. If they did that, it would actually be a viable alternative and a somewhat more appealing offering with the added 5% bonus.

Re: New Barclay Targeted Offer for New CC - CashForward

SunriseEarth — Wed, 21 Oct 2015 08:34:46 GMT

@barthooper wrote:
Spotted this post on Reddit tonight where a member refers to receiving a targeted mailer for this new Barclaycard, with a $500 spent in 3 months $100 bonus. Interestingly the poster mentions having the Sallie Mae. Did anyone else get this recently and is it possible that this is designed to soften the blow of altering Sallie Mae's rewards structure/discontinuing it altogether? I post this at the risk of beating the Sallie Mae dead horse once again but this is at least new information.

Let's bear in mind that correlation and causation are two different things. The Reddit poster may have received an offer due to his overall profile as opposed to simply being a SM cardholder. Clearly, Barclay realizes there is a market for a better cashback card than their lackluster Rewards card. However, I don't think we have enough info to suggest that this is meant to replace SM.

At this point, there have been no changes to the rewards structure for SM. There may be changes in the future, but this is true of any program.

Re: New Barclay Targeted Offer for New CC - CashForward

SunriseEarth — Wed, 21 Oct 2015 08:39:27 GMT

@Anonymous wrote:
Well, this is definitely interesting. The card itself really isn't that special, it is like a Quicksilver but with a FTF, higher redemption requirements, but also a slightly higher return, but I think it's interesting that it's a targeted offer. To even apply from the link, you need an invite code. Why be so secretive about such a mundane card?

Since it's not advertised on their main site, they might be planning a bigger rollout later. Or maybe they're checking the various credit sites to see what people think about it and might adjust accordingly.

Re: New Barclay Targeted Offer for New CC - CashForward

Sharingan — Wed, 21 Oct 2015 10:42:24 GMT

And... yet another potentially disappointing mainline product from Barclays. Does this bank strive to excel at anything noteworthy in the U.S? I mean that Luxury card and now... this? The Ring is probably the only remaining card of theirs that I find somewhat competitive. If they ever send this card as a replacement for my SM in the future, it will bring me so much closer to severing all ties with Barclays.

The QS fans are really going to enjoy picking this card a part.

Re: New Barclay Targeted Offer for New CC - CashForward

barthooper — Wed, 21 Oct 2015 13:43:30 GMT

@celluloid17 wrote:
If this is ultimately going to be a Sallie Mae replacement then sayonara Barclays!

This is a completely underwhelming product. This is essentially a Fidelity Visa with a very slight bonus. Quicksilver eclipses this by nearly every metric aside from the number of HPs. Citi Double Cash also trumps this in the MasterCard category in both the percentage of cash back and the swifter access to that earned cash.

The $50 redemption threshold is especially ridiculous and prohibitive considering all the other options out there without such restrictions.

ETA: What's crazy is, all they would have to do to outshine Quicksilver is eliminate the redemption threshold (allowing for redemption at any amount like Cap1 and Discover) and drop the FTF. If they did that, it would actually be a viable alternative and a somewhat more appealing offering with the added 5% bonus.

I completely agree. If this is supposed to replace Sallie Mae, it is more than underwhelming. What baffles me, as others have touched on, is why they think they can get away with offering a worse version of Quicksilver to the crowd that currently has the Sallie Mae. Largely credit forum visitors who are more actively aware of their credit and the products on the market than the average consumer.

I'll have almost no use for Barclays if this does come to pass, as I'm not interested in the cards with travel rewards. My Barclays Rewards, which typically sees my internet and cell bill, is already going to be seeing no usage for the next year since I've just begun my year of double cash back with Discover.

Re: New Barclay Targeted Offer for New CC - CashForward

barthooper — Wed, 21 Oct 2015 13:47:25 GMT

@SunriseEarth wrote:
@barthooper wrote:
Spotted this post on Reddit tonight where a member refers to receiving a targeted mailer for this new Barclaycard, with a $500 spent in 3 months $100 bonus. Interestingly the poster mentions having the Sallie Mae. Did anyone else get this recently and is it possible that this is designed to soften the blow of altering Sallie Mae's rewards structure/discontinuing it altogether? I post this at the risk of beating the Sallie Mae dead horse once again but this is at least new information.
Let's bear in mind that correlation and causation are two different things. The Reddit poster may have received an offer due to his overall profile as opposed to simply being a SM cardholder. Clearly, Barclay realizes there is a market for a better cashback card than their lackluster Rewards card. However, I don't think we have enough info to suggest that this is meant to replace SM.

At this point, there have been no changes to the rewards structure for SM. There may be changes in the future, but this is true of any program.

Absolutely, that is an important point to note. I'm not sold on this definitely being meant to replace Sallie Mae, as that doesn't make a lot of sense as this new offering wouldn't appeal to current cardholders of SM. That is why I was seeing if we could get more datapoints from others who might have received this offer.

Re: New Barclay Targeted Offer for New CC - CashForward

kdm31091 — Wed, 21 Oct 2015 14:00:19 GMT

@barthooper wrote:
@SunriseEarth wrote:
@barthooper wrote:
Spotted this post on Reddit tonight where a member refers to receiving a targeted mailer for this new Barclaycard, with a $500 spent in 3 months $100 bonus. Interestingly the poster mentions having the Sallie Mae. Did anyone else get this recently and is it possible that this is designed to soften the blow of altering Sallie Mae's rewards structure/discontinuing it altogether? I post this at the risk of beating the Sallie Mae dead horse once again but this is at least new information.
Let's bear in mind that correlation and causation are two different things. The Reddit poster may have received an offer due to his overall profile as opposed to simply being a SM cardholder. Clearly, Barclay realizes there is a market for a better cashback card than their lackluster Rewards card. However, I don't think we have enough info to suggest that this is meant to replace SM.

At this point, there have been no changes to the rewards structure for SM. There may be changes in the future, but this is true of any program.
Absolutely, that is an important point to note. I'm not sold on this definitely being meant to replace Sallie Mae, as that doesn't make a lot of sense as this new offering wouldn't appeal to current cardholders of SM. That is why I was seeing if we could get more datapoints from others who might have received this offer.

The thing is, we don't get to decide if we think it's a suitable replacement. Not saying it is or isn't a replacement, but they can replace it with whatever they want!

Yes it is true that any program may change in the future but Sallie seems more likely since it is a discontinued product.

However, we don't need to go down that road again

Re: New Barclay Targeted Offer for New CC - CashForward

fury1995 — Wed, 21 Oct 2015 14:19:16 GMT

Likely targeted to SM cardholders (for now). Barclay is very limited in their cash back offerings (aside from Sallie Mae and UPromise really what is there?) And since you can't apply for Sallie Mae, UPromise is kinda it.

I see this as a Beta Test..

Re: New Barclay Targeted Offer for New CC - CashForward

kdm31091 — Wed, 21 Oct 2015 17:13:43 GMT

Their rewards card is basically cash back. Its "points", but they are full value for cash I think