When applying for a credit card, bad credit can be a nail in the coffin. Cardholders can expect to pay sky-high interest rates, if they are even approved. Those with the worst credit rating will only qualify for credit cards for bad credit. These feature even higher APRs and very low credit limits.
The Barclaycard Initial is trying to separate itself from this category by offering a lower rate.
Consumers who have lived in the UK for at least two years can apply online.
Credit limit ranges from £250 to £1,000 so people with credit issues can control their spending. People with an IVA or CCJ within the last five years or have been declared bankrupt will not qualify. Those who are on the electoral roll at their current address, earn over £10,000 annually, are 18 years old, and are new Barclaycard customers stand a good chance of being approved, even if their credit history is limited or blemished.
Paperless statements are an automatic feature of this card, allowing cardholders to manage their account online. Free text reminders can be established as an alert five days before a payment is due. Purchases of £15 or less can be made with contactless payments, the latest in credit card payment technology.
Barclaycard Initial even has benefits, which most bad credit credit cards do not offer. With the Barclaycard Freedom program, cardholders earn Reward Money equivalent to 0.5 or one percent of the value of their purchases from participating retailers.
Access to concert tickets, live music sessions, reviews, and news is delivered by Barclaycard Unwind.