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What is your opinion on Barclays Cash Forward card?

c00mtg
Valued Contributor

Re: What is your opinion on Barclays Cash Forward card?

For long term, yes.  For short term/bonus/BTs is good...but expect your CL to decreased. Many here get the bonus, complete a BT then close it.




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 11 of 35
Subexistence
Established Contributor

Re: What is your opinion on Barclays Cash Forward card?

Should I close it before the CLD? I hear lenders base SL on other limits and 3k is my highest SL yet so far.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


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Message 12 of 35
SouthJamaica
Super Contributor

Re: What is your opinion on Barclays Cash Forward card?


@Subexistence wrote:

I just got approved for it for 3k limit. I haven't actually heard a lot of discussion on this forum about that card. I'm not opposed to using it as my general spend card once my Disco cashback match promotion ends. Right now it's the only card I have that gives higher than 1%CB on general spend. I got it for the $200 SUB but I'd give it a chance to be my general spend card until I get a DC or something like that if nothing is inherently negative about it. If it is bad, then I will get the bonus then SD it.

 

So anyways what is your opinion on it?


My opinion is that it's mediocre. I especially hate that you can't get your cash rewards until you've got $50 worth.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 13 of 35
TaterDawg
New Contributor

Re: What is your opinion on Barclays Cash Forward card?

Barclay's is one freaking jealous lover.  If you're planning on applying for other cards, expect them to go after your mandangle.  They do NOT like you applying for other cards.

 

Like I said, when originally approved my $15k limit was my largest SL ever.  Then they decreased me to $4800.  Even after finally raising me back up to $6500, I've got 11 other cards with higher limits.  And the original $15k would only be my 2nd highest now.

 

Now, if you plan to stand pat and use this card as your primary, they'll probably treat you just fine...  Until your eyes start to wander...





As of 3/01/2018: FICO8- EQ- 753, TU-748, EX-753 - FICO9- EQ- 746 - VAN3- EQ- 746, TU-756, EX-763 - EX NEX- 774

* DCU Platinum $10K * USAA Rewards Sig Visa $15k * Chase Amazon Rewards Visa $4k * Kohls $3k * CareCredit $10k * Amazon Store $10k * Citi DC $6.9k * Discover IT $19.5k * AmEx EveryDay $12k * Chase Freedom $6k * CapOne WEMC $10k * Barclay Cashforward $9.5k * Citi Simplicity $11.1k * USAA AmEx Cashback Rewards+ $15k * BoA Platinum Plus $10k * USBank Kroger 1-2-3 $7k * Amex Hilton Honors $12.9k * PenFed Platinum Rewards $10k * BlisPay $5k * PayPal Cashback MC $10k * NFCU GoRewards $10.6k * Discover It#2 $4.5k* Walmart MC $10k * AMEX BCE $10.4K * 5/3 Bank Truly Simple $4k * BP Visa $2.9K * Marvel MC $5.7K *
Message 14 of 35
Subexistence
Established Contributor

Re: What is your opinion on Barclays Cash Forward card?


@TaterDawg wrote:

Barclay's is one freaking jealous lover.  If you're planning on applying for other cards, expect them to go after your mandangle.  They do NOT like you applying for other cards.

 

Like I said, when originally approved my $15k limit was my largest SL ever.  Then they decreased me to $4800.  Even after finally raising me back up to $6500, I've got 11 other cards with higher limits.  And the original $15k would only be my 2nd highest now.

 

Now, if you plan to stand pat and use this card as your primary, they'll probably treat you just fine...  Until your eyes start to wander...


Thanks for the heads up, I'll shut them down before they shut me down. I'm definitely not using htis account as my main. I'm surprised they approved me when other banks in the same spree declined me for too many new accounts.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


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Message 15 of 35
c00mtg
Valued Contributor

Re: What is your opinion on Barclays Cash Forward card?


@Subexistence wrote:

Should I close it before the CLD? I hear lenders base SL on other limits and 3k is my highest SL yet so far.


It depends...

 

what's your CL? sorry if i missed that

 

They won't close it, they might decrease your CL; remember, this doesn't happen to EVERYONE.  But if you want to keep it to help with your UTL, you could.  Maybe spend a few bucks here and there to keep it active.  IF you close it, it will show on your report for up to 10 yrs, so AAOA won't be affected.

 

Should you want to build a better relationship with them, help your UTL and keep history for future cards AND if it has no AF, i would keep it.




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 16 of 35
MrDisco99
Valued Contributor

Re: What is your opinion on Barclays Cash Forward card?


@Subexistence wrote:

Do any of you guys happen to know if getting the $200 from $1000 spend counts in the threshold? Also I don't have to withdraw in incremements of $50 like Amex right? I could withdraw anytime I have over $50 right?

 

Ideal situation is get the $200 to get above $50 threshold then use it as my main driver until I get a 2% card. After I get 2% card, then redeem my rewards then SD Cashforward card.


Keep in mind, they give you back 5% on redemptions.  So what I would do is not redeem the whole thing, but however much would result in $50 left in the pool after the 5% rebate... then redeem the rest. Smiley Happy

 

For example, if you spend exactly $1000 on the card, you should end up with $215 in the pool ($1000 x 1.5% + $200).  If you redeem the whole thing, you get $215 and Barclay puts $10.75 back in the pool, which is too small to pull out.

 

Optimal strategy would be:

 

1. Redeem $173.68, leaving $41.32 in the pool.

2. Barclay gives you back $8.68 (173.68 x 5%), bringing your pool up to $50.

3. Redeem $50 (Barclay gives you back $2.50).

 

Total redemption $223.68 with only $2.50 left in the pool.

 

Formula:

 

(pool - 50) / 0.95 = initial redemption amount

 

e.g. (215 - 50) / 0.95 = 173.68

 

EDIT: Math is hard.

Message 17 of 35
ABCD2199
Senior Contributor

Re: What is your opinion on Barclays Cash Forward card?

Wow that $50 redemption minimum is weird!

 

If you are over $50 in redeemable rewards, can you actually redeem LESS than $50?  For example, let's say you're at $68 to redeem, can you redeem $18?  That way you an always keep $50 available to redeem and going forward just redeem whatever the difference is?

Message 18 of 35
MrDisco99
Valued Contributor

Re: What is your opinion on Barclays Cash Forward card?


@ABCD2199 wrote:

Wow that $50 redemption minimum is weird!

 

If you are over $50 in redeemable rewards, can you actually redeem LESS than $50?  For example, let's say you're at $68 to redeem, can you redeem $18?  That way you an always keep $50 available to redeem and going forward just redeem whatever the difference is?


No, $50 is the minimum amount to redeem.

Message 19 of 35
donny10
Senior Contributor

Re: What is your opinion on Barclays Cash Forward card?


@Subexistence wrote:

Should I close it before the CLD? I hear lenders base SL on other limits and 3k is my highest SL yet so far.


I would, and did. I used my for the bonus. I had a 6k limit. After reading multiple stories of them CLD people. I imposed AA against Barclay by closing my Cash Foward and Ring Cards.

 

I got them before they got me. And others have done the same,

 

 

Message 20 of 35
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