topic Re: Barclay's Questions... in Credit Cards

Barclay's Questions...

Charmante — Fri, 14 Aug 2020 18:27:52 GMT

Okay, so first of all I just received a Pre-Approval for the Gold MasterCard (the Luxury card, coated in 24K Gold).

First of all -- it's a sexy card and I MAY accept it BUT the $995 Annual Fee is really pricey...

What is the Minimum Income Requirements necessary to receive this Luxury Card?

What is the MINIMUM CL offered on this particular card?

ALSO since Barclay's pre-approved me for this Luxury Card, do you think I would be approved for OTHER cards offered by Barclay's?

Which of their cards are the best?

Do they all have the SAME Credit Requirements? Which are easiest to be approved for?

Thanks everyone!!!

Re: Barclay's Questions...

MrDisco99 — Fri, 14 Aug 2020 18:54:24 GMT

I don't get the impression the credit requirements for this card are all that high. With a fee that high, it's pretty low risk on their end.

Do you think you would get $995 in value from this card in a year? If not, then I would recommend you look at something else.

Plenty of cards offer excellent rewards for much lower fees or for free.

Re: Barclay's Questions...

cashorcharge — Fri, 14 Aug 2020 21:07:24 GMT

I hold the card below that...the Black Card and it's $495 AF. I use the credits, offers, PP membership and in the end, the card pays for itself. Pre-Covid I did a lot of travel...that has obviously stalled but as another poster said....you need to spend A LOT to pay yourself back for that one.

I believe the primary difference is % back and likely a smaller perk here or there. Better options that aren't $995 per year exist out there and with Barclays. If you're set on it and Barclays, inquire about the Black and save $500

Good Luck!

Re: Barclay's Questions...

Charmante — Fri, 14 Aug 2020 21:14:07 GMT

@cashorcharge You didn't answer the most important question: If I'm pre-approved for the Gold MasterCard, would I likely be approved for OTHER Barclay's?

Which one should I apply for?

Re: Barclay's Questions...

cashorcharge — Fri, 14 Aug 2020 21:19:44 GMT

@Charmante

I don't know the income requirements for the card or if Barclay's pre-approval for 1 means you are prepapproved for others.

Depending on how you got the preapproval...phone or online...if you want to engage Barclays, I would think a simple call to them posing the question, "I've been preapproved for the Gold Card...Thank you...That being said, am I eligible to use this preapproval for a different product with a lower annual fee?"

Sorry I can't offer more info. My account with them is several years old and it wasn't offered via pre-approval back then. Hopefully someone else may have your answer....

Re: Barclay's Questions...

K-in-Boston — Fri, 14 Aug 2020 21:34:43 GMT

I can't see any way that this card makes sense. Even if you use the airline credit, you're basically paying $795 for a 2% back card when buying airfare through them or 1% back on everything else card that also includes Priority Pass Select (available on numerous cards with significantly lower AFs) and a subscription to Luxury Magazine. At least they're more open about it now by stating "The earn rates at which points can be accumulated vary among these credit card products and can impact the relative dollar value of the redemption." on the page that compares the airfare redemption rate to far superior cards like Chase Sapphire Reserve, Amex Platinum, and Citi Prestige - all of which have significantly lower annual fees, far superior benefits, partner transfers, and higher earning on certain categories.

By law the minimum credit line would be $3980, but they do not disclose any minimums.

Re: Barclay's Questions...

MrDisco99 — Fri, 14 Aug 2020 23:09:23 GMT

@K-in-Boston wrote:

By law the minimum credit line would be $3980, but they do not disclose any minimums.

So AF x 4 is minimum legal CL? Didn't know that!

Most other cards have higher association minimums anyway (like Visa Signature 5K, Visa Infinite 10K).

And yeah... you can get 2% back on lots of other cards for zero fee... and you can get some Priority Pass access on Hilton Surpass for $95 annual fee. I also don't get the value proposition for this, or any of Barclay's "Luxury" cards.

As for Barclay's underwriting, I know they implemented some kind of rule recently that auto-denies applications for some of their cards if you have 6(?) new accounts in the last 24 months. I don't think it applies to all of them, though, and I don't get the impression they are all that strict otherwise. They pull from TransUnion, so you could try and if they say no, the hard pull won't hurt as bad.

But yeah... I'd try any other Barclay's card before that one.

Re: Barclay's Questions...

wasCB14 — Fri, 14 Aug 2020 23:52:43 GMT

@Charmante wrote:
@cashorcharge You didn't answer the most important question: If I'm pre-approved for the Gold MasterCard, would I likely be approved for OTHER Barclay's?

Which one should I apply for?

The lineup is pretty mediocre outside of the Aviator cards...and even then mostly just for SUBs.

The whole Black/Luxury card family has a reputation for "more sizzle than steak". How valuable the "uncapped guests" PP perk is when individual lounges can have guest caps is a little ambiguous.

If you have $995 to spend on a card AF because it looks sexy, I would hope you'd have $100k in investments laying around. Move it to BofA for a 2.625%+ card. The customer service will be kind of mediocre either way. Might as well get extra rewards and a -$5 net AF.

@cashorcharge wrote:
I hold the card below that...the Black Card and it's $495 AF. I use the credits, offers, PP membership and in the end, the card pays for itself. Pre-Covid I did a lot of travel...that has obviously stalled but as another poster said....you need to spend A LOT to pay yourself back for that one.

I believe the primary difference is % back and likely a smaller perk here or there. Better options that aren't $995 per year exist out there and with Barclays. If you're set on it and Barclays, inquire about the Black and save $500

Good Luck!

But 2% with no AF is really the bare minimum these days someone with good credit should be getting (unless some other card feature is at play). You should be looking at cases where you're earning an excess beyond 2% to determine if the AF makes sense.

There's really no reason IMO to ever be so set on a Barclays product in general.

Re: Barclay's Questions...

K-in-Boston — Fri, 14 Aug 2020 23:54:23 GMT

With the passing of the CARD Act, fees to open new accounts cannot exceed 25% of their credit line. Normally not an issue for prime cards as it was included to combat fee harvester cards (guaranteed $300 limit, $149 application fee, $129 annual fee, $15 monthly maintenance fee - leaves you $3 to charge the first month 😂 - I wish I was making that up; I remember seeing those offers around the turn of the century), but it's why you won't see say an Amex Delta Reserve with $550 AF with a $1000 starting line.

I think Barclaycard's 6/24 only applies to certain cards, maybe even just the now-discontinued Arrival+. I found out the hard way last year:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Barclaycard-Arrival-Plus-denied-with-816/td-p/5493094

Re: Barclay's Questions...

wasCB14 — Fri, 14 Aug 2020 23:56:25 GMT

@MrDisco99 wrote:
@K-in-Boston wrote:

By law the minimum credit line would be $3980, but they do not disclose any minimums.
So AF x 4 is minimum legal CL? Didn't know that!

Most other cards have higher association minimums anyway (like Visa Signature 5K, Visa Infinite 10K).

And yeah... you can get 2% back on lots of other cards for zero fee... and you can get some Priority Pass access on Hilton Surpass for $95 annual fee. I also don't get the value proposition for this, or any of Barclay's "Luxury" cards.

As for Barclay's underwriting, I know they implemented some kind of rule recently that auto-denies applications for some of their cards if you have 6(?) new accounts in the last 24 months. I don't think it applies to all of them, though, and I don't get the impression they are all that strict otherwise. They pull from TransUnion, so you could try and if they say no, the hard pull won't hurt as bad.

But yeah... I'd try any other Barclay's card before that one.

It's a rule targeting fee-heavy rebuilder cards. In the first year, fees cannot exceed 25% of the CL.

People used to request CLDs on the Ritz card down to $1k so they'd get an AF refund. Chase eventually blocked that but it was enormously popular here.

Re: Barclay's Questions...

Anonymous — Sat, 15 Aug 2020 00:42:38 GMT

@cashorcharge wrote:
I hold the card below that...the Black Card and it's $495 AF. I use the credits, offers, PP membership and in the end, the card pays for itself. Pre-Covid I did a lot of travel...that has obviously stalled but as another poster said....you need to spend A LOT to pay yourself back for that one.

I believe the primary difference is % back and likely a smaller perk here or there. Better options that aren't $995 per year exist out there and with Barclays. If you're set on it and Barclays, inquire about the Black and save $500

Good Luck!

As you can see from some of the responses, the general consensus is that the Black card isn't much better (just a little cheaper). It may "pay for itself" but there are many other options that for the same spend will be significantly ahead of the Black card. Paying for itself shouldn't be a end goal, just a necessary condition, look for the card that maximizes rewards for your spend.

Re: Barclay's Questions...

cashorcharge — Sat, 15 Aug 2020 02:30:36 GMT

Agreed @Anonymous

The OP's question about income requirements, underwriting and SL are all important factors when deciding which card to get.

My impression was, OP is trying to maximize the preapproval by asking for alternatives within Barclays ecosystem.

I am fortunate that a significant amount of my monthly spend, is reimbursed so having a few cards like I do with AF's don't bother me. Yes, I could retain some of that percentage back for myself or use it to pay for the card. My AAoA is a factor for me as I've had them a long time so maintaining them helps in other ways.

Re: Barclay's Questions...

wasCB14 — Sat, 15 Aug 2020 03:16:46 GMT

@cashorcharge wrote:
Agreed @Anonymous
The OP's question about income requirements, underwriting and SL are all important factors when deciding which card to get.
My impression was, OP is trying to maximize the preapproval by asking for alternatives within Barclays ecosystem.

I am fortunate that a significant amount of my monthly spend, is reimbursed so having a few cards like I do with AF's don't bother me. Yes, I could retain some of that percentage back for myself or use it to pay for the card. My AAoA is a factor for me as I've had them a long time so maintaining them helps in other ways.

Except we're not comparing Arrival+ to Arrival or Rewards to Sallie Mae. Those cards are either gone or closed to new apps. Barclays now focuses on highly specialized cobrand cards (most of which are lousy).

If I wanted the JetBlue Plus card, it would be one thing to compare its credit/income requirements to the no-AF JetBlue card. But a broad Barclaycard-wide question is peculiar. Asking whether it would be easier to instead get a card for RCI (a timeshare company) or Princess Cruises sets off alarms for a lot of people. The fact that someone would be open to such completely different cards with such specialized rewards suggests someone doesn't really have clear priorities in a card.

At $995, OP might as well buy a piece of actual jewelry to bling it up.

Re: Barclay's Questions...

wasCB14 — Sat, 15 Aug 2020 03:29:26 GMT

I'll add in a Barclays question of my own: How averse are they to applications from people with a history of what I'll call "unfavorable spend"?

That is, I've had three Barclays products:

Sallie Mae: 2014-2017. Lots of 5% spend. Closed after the nerf.

Arrival: 2015-now. Got $200 SUB, but spend then fell to PIN use only / minimal activity. TTM spend $5.

Aviator: 2018-2019. 60k mile SUB, $20 spend and one year's AF paid. Closed after a year.

But eventually I might want a JetBlue, Hawaiian, or another AA SUB.

Re: Barclay's Questions...

MrDisco99 — Sat, 15 Aug 2020 13:22:14 GMT

I got three Barclay's cards in 2017... CashWise and Wyndham which I churned for the bonus and closed soon after, combining the limits into the Apple card which I got to finance a purchase and pretty much never use except to buy Apple stuff. They still approved me for another Wyndham card this year.

Funny, I got the new card while booking a reservation for last April that I ended up cancelling. I got the bonus from spending on utilities and it's been in the SD since.

Re: Barclay's Questions...

AverageJoesCredit — Sat, 15 Aug 2020 13:39:51 GMT

@Charmante wrote:
Okay, so first of all I just received a Pre-Approval for the Gold MasterCard (the Luxury card, coated in 24K Gold).

First of all -- it's a sexy card and I MAY accept it BUT the $995 Annual Fee is really pricey...

What is the Minimum Income Requirements necessary to receive this Luxury Card?

What is the MINIMUM CL offered on this particular card?

ALSO since Barclay's pre-approved me for this Luxury Card, do you think I would be approved for OTHER cards offered by Barclay's?

Which of their cards are the best?

Do they all have the SAME Credit Requirements? Which are easiest to be approved for?

Thanks everyone!!!

imo, stay away from this card and lender lol. Too much heartache to be had. They seem very itchy to close or balance chase your card if they see something on your report they dont like. Paying $1k for a card that looks cool is your prerogative but as im apt to do these days, with age lol, if i could buy a pair of Jordans for $300 or get 4 or 5 pair of sneakers for that same $300, im going with option 2. Id be willing to bet you could get more value from 2 or 3 AF cards at that price. At end of the day very few people who arent MFers, will be impressed with a card that probably outweighs your wallet. Tbh, if it werent for the occasional Barclays post i wouldnt even think they still exist which should tell you something

Re: Barclay's Questions...

AverageJoesCredit — Sat, 15 Aug 2020 13:42:10 GMT

@Charmante wrote:
@cashorcharge You didn't answer the most important question: If I'm pre-approved for the Gold MasterCard, would I likely be approved for OTHER Barclay's?

Which one should I apply for?

being " preapproved " for one card doesnt mean you will be for another. Also not all preapprovals are approved. Dont believe me , ask those who were preapproved on Amex only to be denied.

Re: Barclay's Questions...

Hex — Sat, 15 Aug 2020 16:38:28 GMT

Early in my rebuild I applied for Barclay and was turned down. Shortly after I received a preapproved mailer for the black card with a low (at the time) APR. The fee was just too much for me -I was tempted but never applied. if I had wanted to- I could've afforded the the fee but too much opportunity cost in my opinion. About a year later applied for another Barclay Card and got denied. I haven't applied for one since. I think the Black, Gold and Titanium Cards are targeted at high income rebuilders. I Think they figure if they can get the annual fee out of you they can close the account whenever they get nervous so it's worth the risk to them. This is only my theory.