One of the most important financial tools you have at your disposal is a strong credit card. While the improper use of a credit card can be a detriment to your financial security, proper use of a great cash back credit card can save you hundreds of dollars each and every year. The Barclaycard CashForward™ World MasterCard® is one of those great cash back credit cards. If you’re like me and use your credit card to buy everything, you might just save $1,000 a year.
The first big perk you’ll notice on the Barclaycard CashForward™ World MasterCard® is the $200 cash back after spending $1,000 in purchases during the first three months of card ownership. When compared with other cards, the $200 bonus is just about the best there is for a credit card that does not charge an annual fee. The spend hurdle of $1,000 isn’t all that difficult to reach. A few trips to the grocery store for a family of four an a utility bill or two and you’re there.
Barclaycard CashForward™ World MasterCard® Rewards
- Get a $200 cash rewards bonus after you spend $1,000 in purchases in the first 90 days after account opening
- Earn unlimited 1.5% cash rewards on every purchase
- Every time you redeem, get a 5% cash rewards redemption bonus to use toward your next redemption
- Redeem your cash rewards for a deposit into a U.S. checking or savings account, a statement credit or gift cards. Redemptions start at $50
- Cash rewards do not expire as long as your account is open, active and in good standing
- Enjoy a 0% introductory APR for the first 15 months on purchases. Plus, you’ll get a 0% introductory APR for 15 months on balance transfers for each balance transfer made within 45 days of account opening. After that a variable APR will apply, 15.99%, 20.99% or 25.99%, based on your creditworthiness. Please note, there is a fee for balance transfers
- Please note, there is a fee for balance transfers
- No annual fee
Outside of the tip top bonus, the Barclaycard CashForward™ World MasterCard®’s biggest asset is it’s 1.5% cash back on all purchases rewards program. In addition to that return, when rewards are redeemed, a 5% bonus is earned. This means that you’ll earn a true rewards return of 1.575% which is a touch above most other name brand cards (Freedom Unlimited, Quicksilver).
No Interest for 15 Months
All new cardholders of the Barclaycard CashForward™ World MasterCard® will also receive a 0% intro APR on purchases and balance transfers for the first 15 months. After the intro rate expires, the variable APR becomes 15.99% – 25.99%.
Let’s expand on the intro APR opportunity for a second. I recently purchased a playground swing set for my children that set me back $1,500. I used this very card to make the purchase because it carried a 0% intro APR for 15 months, and I had no intentions of paying off the balance anytime soon. So long as I make $100 payments each month, I’ll have the balance paid off exactly after the 15 month intro offer is up. If I had to use another card in my wallet, one that did not have a 0% offer, I’d lose a good amount of money to interest payments.
For example, let’s say I used a card with a modest 19% interest rate (which is about average in today’s credit card world). Making the same monthly $100 payment, I would end up paying back a total of $1,712.07 in 18 payments. That’s $212.07 in interest. For those making larger purchases and still being able to pay the balance down to zero, the amount of savings can be even greater.
Barclaycard CashForward™ World MasterCard® Conclusion
If there’s one negative about the Barclaycard CashForward™ World MasterCard®, it’s that the minimum amount of cash that can be redeemed starts at $50. That’s pretty high when compared to other cash back credit cards. However if you use this card even infrequently, you should be able to hit the $50 mark every so often considering the high cash back rate.
Top to bottom, left to right, this is one of the best cash back credit cards available. So long as you don’t find yourself bleeding away interest payments, there’s good savings to be had by having the Barclaycard CashForward™ World MasterCard® in your wallet.