Barclaycard Credit Cards (Initial) |

Last Update: September 10th, 2016

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Barclaycard Credit Cards (Initial)There are many Barclays credit cards headed at Most of which come in the Platinum variant. It is however the subprime Barclaycard Initial card of interest to us. The Barclaycard’s arrival in June 29th 1966 marked the beginning of the credit card race in Britain. This had followed on from the successful release of charge cards from Diners Club (1962) and American Express (1963). With such a rich history and a banking giant behind this brand, it is unsurprising that they are the market leader. Locally they have around 11 million customers and 36 million in total worldwide. Their nearest competitor is The Lloyds Banking Group who are primarily attracting customers through their Halifax and Lloyds divisions.

The Barclaycard Initial credit card is a Visa with standard interest at 34.9%. There was a promotion running with 0% being provided on purchases for a sizeable 5 month period. This deal has now reverted back to the usual 3 month period. The limit is set between £250 and £1200. The limits are usually reviewed every 6 months. Contactless payments can be made here, with Barclays of course being one of the innovators of this technology. To qualify, you must be employed and be earning at least £3000 a year. There must have been no bankruptcy in the past 6 years. They do accept just the single CCJ, but no recently missed bill payments.

A nice touch for those looking to rebuild their profile rating is that they do include free ongoing access to your Experian score and a further update is an interest reduction of 5% over 2 years assuming that the account is managed perfectly. Within a minute or so of applying at you’ll receive an instant decision. The welcome pack is impressively sent out within just 5 working days that is must faster than the norm. An account login is provided and you can manage your money through their mobile app. Customer support is provided 24/7, but for new and existing applications the times are cut back to the hours of 8am to 11pm.

To just run through their other options, with Platinum they have an all-rounder covering 0% for 25 months on purchases and transfers (2.5% fee). A variant sees a 37 month balance transfer (2.45%), then another edition sees 32 months, but with a 0.72% fee. You could also choose 22 months with no fee. These 3 options (37, 32 and 22) also include 0% on purchases for 6 months. Standard interest on all of those discussed is 18.9% APR. There is also a balance transfer edition with 18 months (2.49%), but this comes with higher standard interest at 24.9% APR. This time its 0% interest on purchases for 3 months. This release is designed for those with average scores.

We then move on to Low Rate that is simply 6.9% throughout its life. There are no 0% deals on this offering. The final reward options include Freedom Rewards and Hilton HHonors. As the market leader, they have been aggressive with their introductory periods to battle off fellow banks. It is interesting though that their TV ad campaigns are always geared at Initial. Obviously, they make more money through charging more interest, but it may be the case that they aren’t quite as dominant in this space that is why they are seeking to make advances. It is unlikely that they have edged out Capital One’s Classic that has been taken on by over 4 million people.