New Cash Rewards Credit Card Offers Redemption Bonus
A new credit card from Barclays offers cash back rewards, as well as a redemption bonus when cardmembers redeem their rewards.
The Barclaycard CashForward World MasterCard gives folks 1.5% cash back on every dollar they spend, plus a 5% bonus on their next redemption every time they cash in their reward. Barclays estimates that a person who spends $600 on groceries, $300 on utilities, $300 on gas, $250 on restaurants, and $250 on other purchases per month could earn more than $300 in cash back over the course of a year.
The cash back is for all purchases in any category, with no rotating bonus categories. This straightforward earning approach will be appreciated by people who don’t want to keep track of which card to use where, or worry about remembering to sign up for quarterly promotions, said the head of branded cards at Barclays U.S., Rachana Bhatt. “There’s no need to choose categories or worry about which card to use because cardmembers get the same great cash rewards every time and place they shop.”
Rewards for the future
The 5% redemption bonus is a new feature in credit card rewards. It works like this: say you redeem $100 in cash back rewards. Next time you redeem your rewards, you’ll get an extra $5 on your cash back. Every time you redeem, you’ll get that extra 5% from your last redemption.
Cardholders can redeem their cash back as a statement credit, a gift card, or have it deposited directly into their bank account. Cash back rewards won’t expire as long as the account is in good standing and remains open.
More cardholder benefits
Besides cash rewards and future redemption bonuses, the card offers complete protection from unauthorized use, with $0 fraud liability and chip technology to keep user information secure. Chip technology also makes the card easy to use overseas.
An identity theft hotline gives folks access to certified specialists who will walk them through the necessary steps in case their card is compromised, including notifying credit bureaus, helping with affidavits, replacing cards, and putting alerts on accounts.
Free FICO scores let cardholders know where they stand with the credit bureaus, and take control of their financial well being by monitoring the ups and downs of their credit score each month. Cardmembers will receive alerts when their FICO score fluctuates, and can access the score for free when they log into their account online.