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.
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.
@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.
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: