Barclaycard Financing Visa

Barclaycard Financing Visa

Published: November 12, 2019
Published: November 12, 2019
Ratings Policy
Rewards Rating:
2.3 rating
2.3 rating
2.3 / 5
Rewards Value: 0.0
Annual Percentage Rate: 0.8
Rewards Flexibility: 3.7
Features: 1.0
Customer Experience 3.5

In a Nutshell:

Apple fanatics can finance high-cost purchases using the Barclays Visa, but a high APR for some cardholders means they should also be vigilant about paying balances in full before the promotional period runs out. This offer is no longer available.

View similar retail rewards cards

Rewards Rate

None

Sign-up Bonus

  • 6 months 0% deferred interest on purchases under $499 (within first 30 days)
  • 12 months 0% deferred interest on purchases $499-$998 (within first 30 days)
  • 18 months deferred interest on purchases $999+ (within first 30 days)

Annual Bonus
None

Annual Fee
$0

Average Yearly Rewards ($1,325 monthly spend)
$226

APR
15.49-28.24% (variable)

Customer Experience

Other Notable Features: Free FICO score, warranty manager, auto rental collision damage waiver, $0 fraud liability, ID theft protection

Formerly known as the Barclaycard Visa with Apple Rewards, the Barclaycard Financing Visa currently offers special financing on Apple purchases, but nothing in the way of rewards or special store perks. While the card may appeal to only those in need of special financing on larger Apple products, deferred interest financing offers should be considered carefully, as they require you to pay your balance in full by the end of the term or face interest charges going back to the purchase date.

Decent APR for cardholders with excellent credit

As far as retail cards go, the Barclaycard Financing Visa’s variable APR starts at a reasonable 15.49 percent, but that rate is reserved for cardholders with higher credit scores. If your credit history has a few blemishes or you’re in a rebuilding period, your APR could be as high as 28.24 percent – well above the average retail card’s 23.84 percent. In other words, the card is best suited for consumers who tend to pay their balance in full every month and avoid accruing excessive interest charges.

Visa benefits and features

Depending on their credit score, cardholders receive either a Visa or Visa Signature version of the Barclaycard Financing Visa. Visa Signature cards come with an array of special benefits, including roadside dispatch, lost luggage reimbursement, travel accident insurance and concierge assistance, among others. The Visa Platinum has many of the same services, but lacks the Signature card’s exclusive offers and discounts on merchandise, culinary events, movies, concerts, hotels and more. Check out the full list of Visa Signature benefits here.

It’s also worth noting that the Barclays sports $0 fraud liability and EMV chip technology, making it one of the more secure retail cards out there – even without the often-standard purchase security and return protection of general-purpose rewards cards. 

No Apple-specific coupons or special perks

Unfortunately, Visa-related benefits are really the only extras you’ll get with the Barclays. Despite the fan fervor surrounding Apple products, the card offers nothing in the way of coupons or special access to new Apple releases, nor are there chances to attend special events at Apple retail locations.

Beware of deferred-interest financing

Speaking of the Barclays’ promotional financing, here are a few things to keep in mind: The promotional financing offer applies to purchases made in-store, online or through 1-800-MY-APPLE within the first 30 days of account opening. If you fail to pay off your entire purchase before the end of the promotional period – which varies depending on the total purchase amount – you’ll have to pay all interest charges on your average daily balance since the day you bought the item.

The good news is that while some retail cards force customers to choose between rewards and promotional financing (see: My Best Buy Visa card from Citi or Lowe’s Consumer credit card), you’re able to collect points even on financed purchases.

The bad news is that the Barclays only offers deferred-interest financing. You can find many non-retail cards with true 0 percent financing for periods as long 12 or 18 months after the account opening. With a true 0 percent financing offer, interest doesn’t accrue during the promotional period, so you won’t be hit with a large bill for interest if you fail to pay off the full amount before the introductory period expires. With the Barclays, on the other hand, the interest will come back to bite you if you don’t pay your promotional balance in full and on time.

Why get the Barclaycard Financing Visa?

  • You need to finance a larger Apple purchase.
  • You’re sure you can pay off your Apple purchase in full by the end of the financing period.

How to use the Barclaycard Financing Visa:

  • Set up autopay so you never miss a monthly payment.
  • Be absolutely sure to pay off the card balance before the end of the financing period to avoid huge interest charges.

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