Barclaycard has launched a new invitation-only credit card known as the “CashForward World MasterCard” that offers 1.5% cash back on every purchase.
At first glance, it’s similar to the Capital One Quicksilver credit card because that card also comes with 1.5% cash back on all purchases.
The cash back can be redeemed for a statement credit, gift cards, or be deposited in your bank account.
There’s also a $100 sign-up bonus when you spend $500 in the first 90 days.
But wait, there’s more!
1.575% Cash Back with CashForward
The one main distinction with the CashForward credit card is that you get a 5% cash rewards redemption bonus whenever you redeem your cash back.
This 5% bonus can be used on subsequent redemptions. For example, if you cash in $100, you’d get $5 toward your next redemption. Cash in $300 and you’ll get $15 for the next one.
So the cash back is actually worth a bit more than 1.5%. It’s technically 1.575%.
However, there’s a hitch. You can only redeem when you’ve accrued a minimum of $50 in cash back. This differs from Discover, which allows any redemption amount, and American Express and others, which require $25.
Additionally, there are several credit cards that offer 2% cash back on everything all year long, so accepting 1.575% seems like a disservice, especially when you need to hit $50 in cash back to get your hands on it.
I think Barclaycard intentionally threw the word “forward” into the name to combat the Citi Double Cash credit card, which offers 1% cash back upfront and another 1% once you pay off your balance.
Think instant gratification, even if it’s less cash back. But if you don’t carry a balance you get your 2% cash back right away. And you shouldn’t carry a balance.
It should be noted that you cannot have an inactive account for seven straight billing cycles if you want to keep your cash back. This is defined as an account with no balance, payments, or transactions.
The CashForward World MasterCard carries no annual fee and 0% APR for the first 12 months on both purchases and balance transfers, but there is a 3% charge for foreign transactions.
My Thoughts on the Barclaycard CashForward
Overall, I’m not sold on this new offering from Barclaycard. I think they could have done better, especially with the competing offers currently available.
Why settle for 1.575% cash back when you can get 2% cash back or more? Heck, if you apply for the Discover it Miles credit card you can earn 3% cash back the first year when your miles are doubled.
There are plenty of more attractive options so you might want to give the Barclaycard CashForward a pass, especially with those hefty redemption minimums.
After all, you may never get all your cash out.
CashForward World MasterCard Features
- 1.575% cash back
- $50 minimum cash back redemption
- No annual fee
- 0% APR on purchases/balance transfers first 12 months
- 3% fee for foreign transactions
- All the benefits of a World MasterCard