The Barclaycard Forward Credit Card is a solid credit builder card for those who are new to credit or are working to improve their credit rating. How does it compare to alternatives in the market? Read our review to find out about cash bonuses and interest rate drops.
Barclaycard Forward Credit Card Review
The Barclaycard Forward card is a credit builder card with two attractive features: the chance to earn cashback and lower your interest rate.
While this card is generally a reasonable choice for those new to credit or working to improve their credit score, there is one potential limitation you might not like. The card's minimum credit limit is between £50 and £1,200. That means you could get approved, but with only a £50 credit limit—that's not very useful. If this is a concern to you, take a look at alternative credit builders cards with a minimum credit limit 3X to 5X as big.
Yes, you can earn cashback on a credit builder card
Cardholders can earn £10 cashback every 3 months in the first year, totaling up to £40 potentially. How do you get the money? Make at least your minimum payments on time and stay under your credit limit. If you miss a single payment or go over your credit limit even once you will no longer qualify. Offer ends 17 March 2020, but may come back.
Earn a lower interest rate
Barclaycard give customers a "Price Promise" with the Forward card, which means a 3% interest rate reduction if you make all your payments on time and stay within your credit limit for the first year. In the second year, you can get another 2% reduction in your interest rate, bringing the purchase interest rate down from 34.5%, typical for a credit builder card, to 29.5%. A lowering of your interest rate is good for your credit rating.
This offer is not as impressive as the Aqua Advance, which will drop your rate by 5% a year for three years.
Bottom Line: The Barclaycard Forward has a typical interest rate and fees, but the very low minimum credit limit could be a problem for some people.
Barclaycard Forward Card Benefits & Features
|Barclaycard Forward Credit Card Features|
|Transaction Fees||2.99%, no minimum|
|Cash withdrawal Fees||2.99%, minimum £2.99 on sterling and non-sterling cash transactions|
Income Requirement: There is a recommended £3,000 minimum income requirement on the Barclaycard Forward.
How Does the Barclaycard Forward Credit Card Compare Against Other Credit Cards?
In order to decide if the Barclaycard Forward credit card is for you, it’s best to compare it against the closest competitors. Below we discuss the differences between the Barclaycard travel card and some other popular cards, so you can decide which is best for you.
Barclaycard Forward Card vs Vanquis Classic Card
The Vanquis Credit Card Review is another popular UK credit builder card. Applicants with no credit history, poor credit history or are unemployed are all considered. Initial credit limits are lower, between £150 and £1,000, with a representative APR of 39.9%. Potential applicants can use the pre-application eligibility checker to see their likelihood of being accepted before they apply (useful to help avoid an unnecessary hard credit check and a rejected application).
Quick Takeaway: You're likely to pay a higher interest rate with the Vanquis Classic, but if you're not eligible for the Barclaycard Forward card due to a bad credit rating you may still be accepted by the Vanquis Classic. It may be worth trying the pre-application check with the Vanquis Classic if you're not sure.
Barclaycard Forward vs Chrome Credit Card
The Chrome credit card, also by Vanquis, is also designed for those with bad credit who want to rebuild their credit rating. Initial credit limits are higher, between £250 and £1,000, with a representative APR of 29.3%.
Quick Takeaway: The Chrome has a lower interest rate and higher minimum credit limit. Use the eligibility checker to see if you're eligible.
Barclaycard Forward vs Aquis Credit Card
The Aquis credit card is another Vanquis credit builder card. Initial credit limits are between £250 and £1,000, with a representative APR of 29.8%.
Quick Takeaway: The Aquis card offers a lower interest rate and a higher minimum starting credit limit than the Forward. Use the eligibility checker to find out if you could be accepted.